JLL: 2 law firms sign leases for One Gateway in Newark

Linda Lindner//January 29, 2020//

JLL: 2 law firms sign leases for One Gateway in Newark

Linda Lindner//January 29, 2020//

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JLL said Wednesday it closed two transactions, totaling 34,386 square feet, for two separate law firms at the Gateway complex in Newark.

Gateway Center, Newark. - ONYX EQUITIES
Gateway Center, Newark. – ONYX EQUITIES

Greenberg Dauber Epstein & Tucker PC leased 10,823 square feet and Landman Corsi Ballaine & Ford PC signed for 23,563 square feet at the Class A, 543,494-square-foot One Gateway at 7-45 Raymond Blvd., owned by Onyx Equities LLC, Garrison Investment Group LP, Taconic Capital Advisors LP and Axonic Capital LLC, and co-investment partner Prudential Financial Inc.

The building owners were represented by Timothy Greiner, executive managing director and head of agency leasing for JLL in New Jersey; Blake Goodman, executive vice president; and Colleen Maguire, associate vice president. They worked closely with Onyx Equities co-founder and Managing Principa John Saraceno Jr.

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, but 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.”

Greenberg Dauber Epstein & Tucker signed a five-year lease extension for 10,823 square feet and will continue to occupy the sixth floor at One Gateway. Landman Corsi Ballaine & Ford inked a 10-year lease extension and expansion to 23,563 square feet, and will now occupy the 22nd and 23rd floors at One Gateway.

Interior rendering for Gateway Newark. - ONYX EQUITIES
Interior rendering for Gateway Newark. – ONYX EQUITIES

“The Gateway complex offers four buildings of premium office space in downtown Newark,” said Goodman. “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 multi-million 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.”

Since the beginning of 2019, JLL has completed 19 additional transactions totaling 109,084 square feet at Gateway, including the 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.

Onyx Equities owns three of the four buildings within the Gateway complex—One Gateway, Two Gateway and Four Gateway, for a total of approximately 1.6 million square feet of office space.

The 26-story One Gateway at 11-43 Raymond Plaza W. totals 543,494 square feet, was designed by Gruen Associates, and constructed in 1971. The 18-story Two Gateway, totaling 794,000 square feet, was designed by Gruen Associates and constructed in 1971. The 16-story Four Gateway, also known as 247 Market Street, totals 330,900 square feet, and was designed by Grad Associates and completed in 1988.

Newly-redesigned by Gensler, Gateway amenities include a skyway connecting One Gateway directly to Newark Penn Station and a concourse with retail and restaurants. The area surrounding the complex offers a variety of entertainment and sporting venues, three nearby universities, and a myriad of shopping and dining options. The office building is adjacent to the Hilton Hotel and Conference Center.