Onyx Equities inks notable leases during COVID-19 crisis

By Emily Bader
Newark | Apr 22, 2020 at 5:00 am

Even with the economic downturn associated with the COVID-19 pandemic, Onyx Equities announced on Tuesday it has made a couple of leases over the last two weeks.

Highlighted in the release was McCarter & English LLP‘s 10-year lease extension on its 117,300-square-foot law office at Gateway Four in Newark and 1-800-Flowers‘ 96,870-square-foot lease in Jericho, New York.

“We’re seeing many of our tenants, including two nationally-known companies exhibit faith in the long-term strength of the economy,” John Saraceno Jr., co-founder and managing principal for Onyx Equities, said. “Our acquisition strategy is based on our confidence that the most desirable properties will always out-perform and that esteemed companies want to be associated with premier management. It is gratifying that the repositioning of these assets continues to resonate with the market.”

McCarter & English, Onyx said, has been in Newark for the past three centuries, always maintaining its largest law office in the city.

“As our lease term was nearing termination, together with our experienced brokers from Newmark Knight Frank we recently commenced a comprehensive regional search to determine if we needed a new home for our more than 400 Newark based employees,” Joseph Lubertazzi Jr., chairman, McCarter & English, said. “The information learned, and the feedback from our employees, clearly established that Newark worked best for us, and staying at Gateway Four was the right decision. In addition to the ease of arriving in Newark by car and mass transit, there is easy access to the airport, Newark Penn Station for travel outside of the City, and the courts. Besides amenities already in place, the new owners of Gateway Four have shared with us its plans for even more improvements to the complex. With the excitement of Newark and new ownership of the Gateway complex, we have enthusiastically reaffirmed our commitment to Gateway 4 and Newark until the year 2034 by signing a new lease.”

Aisha Glover, CEO of the Newark Alliance, a nonprofit that is dedicated to the ongoing economic revitalization of Newark, applauded McCarter & English on its continued commitment to the city.

“As an active member of the Alliance, an important tenant in Gateway, and a true corporate partner for the City of Newark, we look forward to their continued growth and investment in Newark and applaud their commitment during this time of uncertainty,” Glover said.

Onyx also said it collaborated with Russo Development to launch Quiet Help, a 501(c)(3) fund to assist employees of its vendors and retail tenants who have been furloughed or laid off due to the coronavirus.

Emily Bader | ebader@roi-nj.com | @emilybader