Onyx Equities to become manager of One Gateway Center in Newark, NJ
Onyx team to implement its signature repositioning program at this
522,696 SF landmark asset with concourse connection to Newark Penn Station.
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May 7, 2018 – Newark, NJ – Onyx Equities, LLC is proud to announce that it 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. “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 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.
About Onyx Equities, LLC
Headquartered in Woodbridge, New Jersey, Onyx Equities, LLC is a leading, full-service real estate firm specializing in investment, asset repositioning and ground-up development. Since its founding in 2004, Onyx has acquired more than $2.2 billion worth of real estate assets throughout New Jersey, New York, Pennsylvania and Connecticut. Onyx has executed over $230 million in capital improvement projects under its signature repositioning program. Driving Onyx’s success is its loyalty to core geographic markets, a seasoned team of expertise in all facets of real estate, its adaptability to market conditions, and the experience gained from managing over 65 million square feet since inception. Throughout its portfolio, Onyx takes aim at increasing operational efficiency, tenant satisfaction and long-term value. For more information contact the firm at 732-362-8800, or visit www.onyxequities.com.
Taconic Capital Advisors L.P. is a global institutional investment firm founded in 1999 by former Goldman Sachs partners Frank Brosens and Ken Brody. Taconic pursues an event-driven, multi-strategy investment approach dedicated to generating strong risk-adjusted returns with an emphasis on capital preservation. The firm has offices in New York, London and Hong Kong with over 38 investment professionals, including 9 investing principals who average 14 years of investment experience at Taconic and 76 business function professionals across legal/compliance, finance, operations, technology and investor relations.
Taconic’s commercial real estate business is managed by James Jordan and Jon Jachman and focuses on sourcing value-add opportunities through non-traditional, off-market processes. Leveraging its diverse network of relationships with CMBS special servicers, lenders and local operating partners, Taconic seeks to generate attractive risk-adjusted returns through the strategic repositioning and re-introduction of well-located real estate assets.
Axonic Capital is a New York based investment advisor founded by Clayton DeGiacinto in 2010. Axonic’s primary business manages client capital in commercial real estate (CRE), structured credit and systematic fixed income. Axonic and its affiliates currently manage approximately $2.2 Billion in assets and employ more than 35 professionals.
Axonic’s CRE business is managed by Matthew Weinstein and invests client capital across a broad range of the CRE capital structure. Axonic invests in opportunistic commercial real estate equity transactions and employs an event-driven investment approach that seeks to unlock value by repositioning well-located assets that have been under-managed or are otherwise under-performing. Additionally, Axonic’s CRE debt platform focuses primarily on commercial real estate mezzanine loans and Agency CMBS b-pieces.