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Deals & Dealmakers

Law firm renews 117,000 s/f lease

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, highlighted 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, N.Y.

The owner and manager of more than 6,500,000 square feet of office and retail space in the Tri-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.

“We’re seeing many of our tenants, including two nationally-known companies exhibit faith in the long-term strength of the economy,” says John Saraceno Jr., Co-Founder and Managing Principal for Onyx Equities, LLC.  

JOHN SARACENO

“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 LLP has been committed to Newark during three consecutive centuries, always maintaining its largest law firm office at different locations in the City.  In 1988 it reaffirmed that commitment by becoming one of the first tenants at the then newly constructed Gateway Four office complex.

“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,” said McCarter & English, LLP Chairman Joseph Lubertazzi Jr.   

“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.  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.”

David Simson and Harrison Russell of NKF represented the tenant in the lease renewal.

 Onyx Equities leased 96,870 s/f to 1-800-flowers, allowing them to stay in Long Island’s Nassau County, and providing them with 20 percent more space than its current location in Carle Place to accommodate its existing team and additional 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 1-800-Flowers lease brings Onyx Equities’ leasing tally to 320,000 s/f in March and April.

Onyx’s team in conjunction with Russo Development have created Quiet Help, a 501 (c)(3) to support the staff members for many of its vendors and retail tenants who have been furloughed or laid-off, many of which tend to fall through the government support net or need a bridge to the date that the government subsidies are made available. 

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 the next 6-12 months. 

Saraceno saidof 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.” 

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