Woodbridge-based Onyx Equities, LLC has agreed to terms with Axonic Capital LLC and Taconic Capital Advisors to assume the roles of asset and property manager and leasing and construction manager of One Gateway Center in Newark. “As the renaissance of Newark accelerates, Gateway Center will prove to be the single most important urban office complex in the State of New Jersey,” states John Saraceno, the Managing Principal and Co-Founder of Onyx Equities. Newark’s increased prominence in the Northern New Jersey commercial office and residential market sparked Onyx’s interest in the Gateway opportunity.
Onyx’s repositioning team is currently formulating its vision for the redevelopment of the 522,696-square-foot landmark asset office building and the concourse renovation program. The team is aiming at redefining the tenant and visitor experience within ±700 linear feet of interior concourse walkway, as well as the exterior facing Penn Station. To do this, Onyx’s team is drawing on inspiration and expertise from transit hub work place projects, linear park concepts, and on its recent urban repositioning success at 30 Montgomery in Jersey City.
In January of 2016, Onyx reintroduced 30 Montgomery Street after a complete repurposing of the asset including the replacement of 1,800 windows, HVAC redesign, landing upgrades and an expansion of the retail space from 6,000 to more than 12,000 square feet. Today 30 Montgomery houses some of the most active and popular fast casual dining establishments on the waterfront. At One Gateway, Onyx will tailor its philosophy of modernizing well-located office product into Class A, fully amenitized, productive centers of commerce.
In addition to unparalleled train access, One Gateway offers onsite garage parking, a fitness operator, a range of restaurants and daily conveniences, indoor connection to the Hilton’s Newark Penn Station Hotel and walkability to the Iron Bound District. Onyx Management will look to build upon the asset’s unique, physical connection to Newark Penn Station.
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