TRANSIT LEASES 407,000 SQUARE FEET AT GATEWAY CENTER

Statement of Onyx Equities:

NEWARK, N.J., JULY 18^th, 2023 – This morning’s announcement by NJ Transit that it has leased 407,000 square feet at Gateway Center for 25 years represents a threshold moment for the nation’s largest public transportation system, the City of Newark and Gateway Center.

Onyx acquired Gateway in late 2018 with a vision of creating a new front door to Newark through its connectivity to Newark Penn Station.  Last year we completed a 4-year, $60 million common area renovation program during which we leased or renewed more than 800,000 square feet of space to esteemed tenants in legal, internet, government, finance and other enterprises.  We are grateful to be participating the renaissance of the City of Newark, and providing a home to the next generation of NJ Transit employees who will enjoy the convenience and quality we created at Gateway.

Among the notable features of the NJ Transit lease:

• Gateway can provide not only the 407,000 square feet Transit has initially leased, it can accommodate substantial expansion or presence for related entities;
• Gateway will be providing roughly $135 per square foot in tenant improvement allowances and a new HVAC system, equivalent to nearly r $70 million in concessions to Transit, allowing it to occupy completed space with limited capital investment;
• NJ Transit will access its space through private elevator banks, supported by a welcome center in the lobby and easily accessible space for its public meetings.
• Gateway’s Junction will welcome 12 new restaurants allowing staff a plethora of choices inside the complex or direct access to Newark Penn Station.

Gateway expects to welcome the first NJ Transit employees to the space by early 2024.