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Thread: Newark Development

  1. #9916

    Default It's like a dream come true

    Huge deal in Newark: Investment group to buy One, Two and Four Gateway Center

    Joint venture that includes Garrison Investment Group, Axonic Capital, Taconic Capital Advisors, Onyx Equities and Prudential Financial promises significant upgrade to retail concourse

    By Tom Bergeron
    Newark | Jan 10, 2019 at 7:30 am
    Breaking News

    JLL
    One, Two and Four Gateway Center are part of the major Newark real estate deal.

    Three of the four Gateway Center buildings in Newark are getting new owners — and the concourse is getting a major facelift, ROI-NJ has learned.

    A joint venture between Garrison Investment Group, Axonic Capital LLC, Taconic Capital Advisors and Onyx Equities LLC has acquired One, Two and Four Gateway Center in Newark. Prudential Financial will participate as a co-investment partner.

    An announcement will be made Thursday.

    Terms of the deal were not disclosed. The size of the transaction, 1.6 million square feet, makes it one of the biggest office deals in the state in recent years. Gateway Center is the state’s largest transit hub office complex.

    Onyx Equities will serve as the operating arm, overseeing asset and property management, tenant relations, leasing and construction.

    John Saraceno, co-founder and managing principal of Onyx Equities, said increased residential investment in Newark and Harrison, coupled with an uptick in corporate relocations to Newark sparked the joint venture’s interest in the Gateway Center opportunity.

    “To me, Newark is forever changed, and we just want to build on that,” he told ROI-NJ. “And we think we have the single most important asset in the cadre of assets to make Newark special. We can close the loop on what’s been done to the west of us with PSEG and Prudential and Ironside and the Prudential Center and all the things that had been done in the last 15 to 20 years. The key to it all, in my opinion, has always been, can anybody fix Gateway? And I think we finally figured out how to do it.”

    The ownership group said it intends to execute a multimillion-dollar modernization plan, predicated on a significant repositioning of the Gateway Retail Concourse to create a more vibrant retail marketplace.

    Approximately 60,000 people go through the 1,400-linear-foot Concourse each week, including PATH, New Jersey Transit and Amtrak commuters, Gateway employees, neighboring employees, visiting clientele, Prudential Center spectators, as well as students from New Jersey Institute of Technology, Rutgers University-Newark and Seton Hall University.

    Saraceno said the new ownership group believes the improvement plan will reinvent the concourse as a destination, and spur significant demand from retailers and corporate office users who prioritize access to transit and a talented, diverse workforce.

    Eric Rosenthal, managing director of Garrison Investment Group, said the potential is great.

    “We echo Onyx’s excitement regarding the Gateway Center acquisition,” Rosenthal said. “We look forward to contributing to Newark’s positive momentum while repositioning the iconic campus.”

    Adam Karafiol and Matthew Flath of Onyx will lead office and retail leasing efforts. The JLL team of Tim Greiner, Blake Goodman and Colleen Maguire has been assigned as agent for Gateway One and Two. The RKF team of Glenn Beyer, Jerry Rockoff, and Rob Mackowski has been assigned as the retail agent.

    Gensler was selected as project architect, led by Dana Nalbantian. Rebranding and marketing assistance will be provided by Real Estate Arts, led by Michael Goodgold.

    Goodman, an executive vice president at JLL, said his team is ready to go.

    “We are excited to be part of this incredible team whose focus is to create a unique and inviting experience for tenants and visitors at the Gateway Center and bring the Gateway Center back to prominence in Newark,” he said.

    JLL’s capital markets group, led by Thomas Walsh and Joseph Garibaldi, managing directors, served as investment sale broker in the transaction.

    “Well-capitalized and united ownership will provide the key ingredients in the Gateway Complex reclaiming its reputation as one of the best transit-oriented office portfolios in the Northeast.” Walsh said.

    About the players:

    • Onyx Equities LLC, headquartered in Woodbridge, is a leading, full-service real estate firm specializing in investment, asset repositioning and ground-up development.
    • Garrison Investment Group is a New York-based firm that has acquired more than $3.3 billion of real estate across property types since it was founded in 2007.
    • Taconic Capital Advisors L.P. is a New York-based global institutional investment firm founded in 1999 by former Goldman Sachs partners Frank Brosens and Ken Brody.
    • Axonic Capital is a New York-based investment adviser founded by Clayton DeGiacinto in 2010. Axonic’s primary business manages client capital in commercial real estate, structured credit and systematic fixed income.
    • Prudential Financial Inc. is a Newark-based global financial services leader that has been a pioneer in impact investing and is building a $1 billion portfolio of investments that combines both social and financial return.
    • JLL is a leading professional services firm that specializes in real estate and investment management.


    http://www.roi-nj.com/2019/01/10/rea...ail-concourse/
    Last edited by section08; January 10th, 2019 at 12:41 PM. Reason: added link to the article

  2. #9917

    Default

    https://www.tapinto.net/towns/newark...-get-face-lift


    Century-old Properties in Newark's 'Billion Dollar Triangle' to Get Face Lift



    Paramount Assets bought 36-40 Clinton St., pictured above, and 30-32 Clinton St.Credits: courtesy of Paramount Assets

    By TAPINTO NEWARK STAFF
    January 14, 2019 at 4:55 PM

    NEWARK, NJ - A developer who has renovated several properties in Newark announced new plans for an adaptive reuse project in the city’s Downtown.


    Paramount Assets purchased two properties at 30-32 and 36-40 Clinton Street that will add to the city’s “Billion Dollar Triangle,” an area that is surrounded by Newark Penn Station, the Prudential Center and the New Jersey Performing Arts Center. Both buildings will be updated as mixed-use residential spaces with new interior spaces, including upgrades to the entrance, lobbies and elevators.


    “The premier location of these properties made them very attractive to us,” said Richard Dunn, senior vice president of Paramount Assets. “30-32 Clinton Street and 36-40 Clinton Street meet all the necessary criteria for creating today’s successful adaptive reuse projects. We saw this as an excellent opportunity to reposition two historically significant assets to the benefit of both the City and residents alike.”


    The United States Post Office will remain a first-floor tenant at 36-40 Clinton St. The building was constructed in the early 1900s and will be modernized to create 27 one-bedroom apartment units, a gym, lounge and tenant storage.


    The six-story building at 30-32 Clinton St. was built in 1919. Paramount Assets plans to redevelop the property with studio and one-bedroom apartments on the upper floors, a rooftop terrace, and 1,800 square feet of ground-floor commercial space.


    Both properties are located in the Downtown Redevelopment Zone near the Gateway Center, which has reportedly come under new ownership. The deal for the Gateway Center office buildings is expected to connect commuters and employees to retail space via the skyway.


    Paramount Assets moved its headquarters to Newark and owns several properties in the Downtown, including the former United Women's Garment Workers' Union building and the Little Theatre.

  3. #9918

  4. #9919

    Default

    Quote Originally Posted by taxmanic View Post
    Broad Street cafe is now a Korean BBQ place

    http://www.bulgogizip.com/menu

    Nice. Glad to see a growing diversity of food options downtown. I hope they updated the space and it's a sit down restaurant. There's another korean bbq restaurant on Halsey and Raymond. Good food... very tiny space.

  5. #9920

  6. #9921

    Default

    anything happening with Shaq 2...or anything else for that matter?

  7. #9922
    Forum Veteran West Hudson's Avatar
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    Jersey City/Harrison, NJ
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    Default

    Quote Originally Posted by coralridge View Post
    anything happening with Shaq 2...or anything else for that matter?
    Just drove by the site last night....and the answer is...No.

    I wouldn't expect even site prep to start until a few months after Shaq 1 is completed.

  8. #9923

    Default New frontier: Levys’ Paramount Assets is finally making plunge into city investment —

    http://www.roi-nj.com/2019/02/21/rea...rk-head-first/

    Levy said the company sees no end to its growth in Newark.
    He estimates that only 25 percent of its holdings are complete, 25 percent are being worked on and 50 percent are for the future.
    One of its biggest future developments involves the area around the federal courthouse and the Prudential Center.
    “All those parking lots around the federal courthouse, we’ve just acquired those,” Levy said. “We’re in the process now of master planning our future, based upon what’s going on there.”
    The company already has approvals to do work on properties it acquired in the Four Corners historical district.
    “Along Williams Street, between North Street and University, that’s going to be all brand-new redevelopment properties,” Levy said.

  9. #9924

    Default

    Quote Originally Posted by scrollhectic View Post
    http://www.roi-nj.com/2019/02/21/rea...rk-head-first/

    Levy said the company sees no end to its growth in Newark.
    He estimates that only 25 percent of its holdings are complete, 25 percent are being worked on and 50 percent are for the future.
    One of its biggest future developments involves the area around the federal courthouse and the Prudential Center.
    “All those parking lots around the federal courthouse, we’ve just acquired those,” Levy said. “We’re in the process now of master planning our future, based upon what’s going on there.”
    The company already has approvals to do work on properties it acquired in the Four Corners historical district.
    “Along Williams Street, between North Street and University, that’s going to be all brand-new redevelopment properties,” Levy said.
    This and the Gateway news are HUGE. This is the "fill-in" that we've all been discussing for a decade. The more we connect these huge swaths of dead area, the more buzzing and bustling the entire downtown portion of the city becomes...that paves the way for more economic activity and eventually more big-time high-rises, as well as more development and increased real estate interest in the outer wards. All of this will add tax revenue that hopefully the city can use to improve all of the neighborhoods and provide better services and quality of life for its citizens. The renaissance is real this time.

  10. #9925

    Default

    Walker House (former Verizon buildings expects leasing office to open in April

    https://livewalkerhouse.com/

  11. #9926

    Default

    24 Apartments Coming Across From Newark’s University Hospital

    https://jerseydigs.com/168-170-south...pment-planned/

  12. #9927

    Default

    is downtown leasing/buying (Theater Square/Hahnes) successful or not? Anyone know?

  13. #9928
    Forum Veteran West Hudson's Avatar
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    Thumbs up Riverfront Square Curved Bldg to be First Up

    I'm pretty sure that tentative start for demo later this year has been mentioned on here before, but what might be news is that the anticipated first building on the site would be the large, curving residential building closest to Broad Street station (which obviously makes sense since it will draw in commuters looking for convenience).

    Link: https://archpaper.com/2019/02/riverfront-square-newark/

  14. #9929

    Default

    whatever happened to plans for "real" skyscrapers for Newark (42-story bldg on Broad; twin 40-story towers)? What about The Vibe and 26-story hotel on Military Park? You think Newark will ever realy get anything higher than 22-23 floors?

  15. #9930

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