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NJ Transit Signs Largest Office Lease At Newark's 2 Gateway Building
LEASED
$40
New Jersey
See Similar DealsOffice407,000 SF
Leased 07/12/2023
LEASED
NJ Transit Signs Largest Office Lease At Newark's 2 Gateway Building
2 Gateway Center, Newark, NJ 07102
See Similar DealsOffice407,000 SF
Leased 07/12/2023
Summary
NEW JERSEY
Asset Type:Office
Price Per Square Foot:$40
Total Square Footage:407,000 SF
Transaction Type:Lease
NJ Transit has signed a 407,000-square-foot office lease at Newark's 2 Gateway building, which is owned by Onyx Equities and represented by Jonathan Shultz. This lease marks the largest deal in the Newark submarket and has raised concerns about transparency and cost due to projected budget shortfalls.
Summary of transaction details
- Property Type: Office
- Transaction Amount: Lease
- Image: Jonathan Shultz
- Date: 07/12/2023
- Address: 2 Gateway Center
- Market: Newark
- Landlord: Onyx Equities - Jonathan Shultz
- Tenant: NJ Transit
- Asking Rent: $40/ft.
The lease agreement between NJ Transit and Onyx Equities has brought attention to the 2 Gateway building in Newark's market. It is notable that Jonathan Shultz, representing Onyx Equities, facilitated this significant office lease transaction, which has both positive and potentially challenging implications for the parties involved.
Details
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Deal Type
NNN (Triple Net)
Effective Rent (Annual)
$18,663,195.52
Total Lease Value
$186,631,955.19
Net Landlord Cash Flow$18,663,195.52
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