A joint venture between Garrison Investment Group, Axonic Capital, Taconic Capital Advisors and Onyx Equities has purchased three office towers in Newark, N.J., for more than $300 million. It is considered to be one of the largest office deals in New Jersey in 2018.
This transaction is a recapitalization, with Garrison as the only new entrant to the capital stack.
The sellers were not disclosed.
Prudential Financial, who has held its global headquarters in Newark since its founding more than 140 years ago, will participate as a co-investment partner.
The office assets total 1.6 million square feet. The purchase included the controlling rights to the retail concourse of the Gateway Complex. The complex is transit-oriented in that it is connected via skywalk to Newark Penn Station.
“Given its location, the Gateway Complex provides the first impression of Newark. Having consolidated interests in the complex for the first time in a generation, w
