One Gateway Center in Newark
By Joshua Burd
Onyx Equities LLC is putting down roots in Newark, where it is leading the effort to overhaul the landmark Gateway office complex.
The development and investment firm on Tuesday said it will move its capital markets, asset management and construction divisions to One Gateway Center. The move is slated for July, coming about seven months after a joint venture led by Onyx acquired One, Three and Four Gateway to bring 1.6 million square feet of space under common control.
The joint venture — which also includes Garrison Investment Group, Axonic Capital LLC and Taconic Capital Advisors, with Prudential Financial serving as a co-investment partner — is now is planning a multimillion-dollar update of the complex’s indoor concourse and streetscape.
“Newark’s corporate anchors have been here for years now, drawn by 10-gigabit fiber infrastructure, unmatched young talent, venture capital, residential investment, unparalleled transportation options and downtown walkability for both residents and commuters,” said John Saraceno Jr., co-founder and managing principal for Onyx, which is headquartered in Woodbridge. “Both our investment in Gateway and our decision to locate here are reactions to the fact that Newark is ready-made for an era driven by locations that provide convenience and cultural energy.
“We’re excited to bring our staff to Newark and to work with its elected and business officials to share in helping the city reach its potential as a business magnet.”
While its plans are still in development, Onyx has set its sights on the 1,400-linear-foot concourse that connects the four Gateway buildings to Newark Penn Station. The firms aim to transform the indoor pathways into a setting that offers more light and air, enhanced retail and a more attractive and comfortable experience for thousands of daily commuters.
The joint venture is also focused on the streetscape around the office towers. For instance, Saraceno has floated plans for extending One Gateway’s façade to the curb, creating a two-story retail environment with restaurants and retailers on the ground floor.
“Our common areas are the front door to Newark’s downtown district and our renovation plans respond not only to the style of facility that compels today’s tenants, but to the opportunity to welcome Penn Station arrivals who will enter Newark through our concourse,” Saraceno said. “A great working environment requires nearby lifestyle perks like great shopping and dining — and our opportunity and obligation to fulfill on the potential is here.
“We want to create a live-work balance that complements Newark’s energetic urban vibe and takes advantage of our proximity to mass transit.”
Joint venture acquires Gateway 1, 2 and 4 in Newark, plans concourse transformation
