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M id A tlantic Real Estate Journal — New Jersey/Pennsylvania — Section B
Owner & manager collaborates with Russo Development to launch Quiet Help Onyx Equities announces leasing success during Covid-19 Crisis in Newark
OODBR I DGE , NJ — Despite the dramatic business downturn associated with the COVID-19 crisis, Onyx Equities’ leasing and capital markets teams report several notable advancements over the last two weeks, highlight- ed by McCarter & English, LLP signing a 10-year lease extension on its 117,300 s/f law office at Gateway Four in Newark and 96,870 s/f to 1-800-Flowers in Jericho, NY. The owner and manager of more than 6,500,000 s/f of of- fice and retail space in the Tri- W
regional search to determine if we needed a new home for our more than 400 Newark based employees,” said Mc- Carter & English, LLP chair- man Joseph Lubertazzi Jr. “The information learned, and the feedback from our employ- ees, clearly established that Newark worked best for us, and staying at Gateway Four was the right decision. In ad - dition 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.” Onyx Equities leased 96,870 s/f to 1-800-flowers, allowing them to stay in Long Island’s Nassau County, and provid- ing themwith 20%more space than its current location in Carle Place to accommodate for its existing team and ad- ditional staff it plans to hire. The flower and gift distributor has been located in Nassau County on Long Island since 1990 and decided on this property after an extensive national search.
the next 6-12 months. John Saraceno Jr. , co-founder and managing principal for Onyx Equities, LLC. says of the Quiet Help Fund, “the teams of Onyx and Russo recognize how fortunate and blessed we are and how many people in our industry are suffering in this unprecedented time of economic distress.” "We’re seeing many of our tenants, including two na- tionally-known companies exhibit faith in the long-term strength of the economy.” “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 reposition- ing of these assets continues to resonate with the market," said Saraceno Jr. “As our lease term was nearing termination, to- gether with our experienced brokers from Newmark Knight Frank we recently commenced a comprehensive
HI-LIGHTS MAY 15 - 28, 2020
Gateway Four in Newark
State region also 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 COVID-19. The Quiet Help Fund was seeded with $400,000 with the hope to identify 50-100 recipients who would receive $500-$2,000 per month for
SPOTLIGHT CENTRAL NJ
Rod of the Flynn Co. represent the seller in 29,994 s/f building sale Ostach & Pennington of Binswanger broker the sale of two industrial buildings totaling 51,181 s/f
“With record-low vacancy rates in one of the most com- petitive industrial markets in
BEN S A L EM , PA — Binswanger Commercial Real Estate Services an-
Southeast - e r n Penn - s y l v a n i a , Binswanger was pleased to ident i fy this oppor- tunity, and negotiate an acquisition on
n o u n c e d the sale of a 51,181 s/f building on 2.61 acres at 1296 Adams R d . , B e n - salem. The d e a l w a s brokered by
SINGER OF LMC BROKERS 3500 S/F LEASE AT MID-TOWN PLAZA
1296 Adams Rd.
ing heights, one drive-in and two loading docks. Additional features include a 100% Wet Sprinkler System, gas heat, finished office space (approx. 500 s/f), private outdoor stor- age lot/parking, two rest- rooms, and a shared kitchen area. In a second transaction, Binswanger announced the sale of a 29,994 s/f building on 1.8 acres at 533 E. Hunting Park Ave., Philadelphia. The
property was purchased by Patagon Ventures , and the new owner plans to develop the property into a state-of- the-art self-storage facility. The deal was brokered by Ostach and Pennington. Tony Rod of the Flynn Company represented the seller. Just eight miles fromCenter City Philadelphia, the prop- erty is situated directly on highly traveled Hunting Park Avenue.
Jason Ostach Chris Pennington
behalf of Velocity Ventures,” said Pennington. “We look forward to continuing our work with Velocity to identify potential tenants in an effort to fully stabilize this asset.” While the building is almost fully occupied with several tenants, there is 10,000 s/f of industrial space currently available for lease. This sec - tion features 18.5' clear ceil -
Jason Ostach , vice president and Chris Pennington , se- nior vice president and partner –both in Binswanger’s Phila - delphia office. Just 20 minutes from Cen - ter City Philadelphia, the property is situated directly on Adams Rd. in the heart of Bensalem offering nearby ac - cess to I-276, I-95, and other major regional highways.
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