A rendering of the redesigned façade and entryway at One Gateway Center, part of a sweeping overhaul of the landmark Gateway office complex in downtown Newark – Courtesy: Gensler/Onyx Equities LLC
By Joshua Burd
Two law firms have extended their lease at Newark’s Gateway complex, thanks in large part to a recently launched, high-profile transformation of the landmark office buildings.
Brokers with JLL announced Tuesday that the tenants, Greenberg Dauber Epstein & Tucker PC and Landman Corsi Ballaine & Ford PC, leased 10,823 square feet and 23,563 square feet, respectively, at One Gateway. Greenberg Dauber signed a five-year extension and will continue to occupy the sixth floor, while Landman Corsi inked a 10-year extension and expansion that will spread its footprint to the 22nd and 23rd floors.
JLL’s Timothy Greiner, an executive managing director and head of agency leasing in New Jersey, along with Executive Vice President Blake Goodman and Associate Vice President Colleen Maguire, represented ownership. They worked closely with John Saraceno Jr., co-founder and managing principal of Onyx Equities LLC, which leads a joint venture that also includes Garrison Investment Group LP, Taconic Capital Advisors LP and Axonic Capital LLC, with co-investment partner Prudential Financial Inc.
“The Gateway complex offers four buildings of premium office space in downtown Newark,” Goodman said. “Greenberg Dauber and Landman Corsi recognized the value that Gateway brings to their employees and had the vision to commit to the building while Onyx Equities finalizes its multimillion-dollar capital improvement plan.
“The complex’s premium location and ownership’s dedication to improving the buildings has pushed asking rents to $37.00 per square foot.”
The transactions follow 19 additional leases totaling 109,084 square feet that JLL has completed at Gateway since early 2019. They include New Jersey Economic Development Authority and Choose NJ leasing 18,700 square feet at One Gateway, Prudential taking 15,749 square feet at Four Gateway and HNTB Corp. signing for 11,387 square feet at Two Gateway.
“Gateway’s reinvention provides not only a new front door for Newark adjacent to Penn Station, it establishes the finest concentration of prime office assets in New Jersey,” said Adam Karafiol, senior vice president of leasing with Onyx Equities. “In collaboration with JLL, our initial leasing work has attracted not only the headquarters for the state’s economic growth agencies, it also has resonated with long-term Gateway tenants who have other choices within and outside of the city. We look forward to building on an excellent start.”
The Onyx-led investment group, which owns Gateway One, Two and Four, has sparked additional interest since it unveiled its plans for the 1.6 million-square-foot complex. Among other changes, the redesign calls for Gateway’s first-ever street-facing retail space, along with a revamp of the lobbies and the 1,400-linear-foot network of commuter walkways that connect to Newark Penn Station.
The 26-story One Gateway, located at 11-43 Raymond Plaza West, will be a focal point of the Gensler-led redesign. Built in 1971, the 543,494-square-foot tower will house the roughly 10,000 square feet of retail space and will serve as a new grand entryway to the complex.
“Everyone at Landman Corsi Ballaine & Ford is excited to see the transformation of the complex into the new Gateway,” said Gerald Ford, member with the law firm. “I also would like to thank Blake Goodman and Onyx’s leasing department for your patience and the very professional way in which the negotiations were handled. Our firm and its predecessor have been in One Gateway for 35 years. I don’t believe the building has ever been in better hands.”