Advance’s One Gateway Center Records 98% Tenant Retention Ratio
Bedminster, New Jersey-based commercial real estate owner and developer, Advance Realty Group, has announced that One Gateway Center in Newark, New Jersey has reported a 98 percent tenant retention ratio. Advance Realty Group’s leasing and management teams, coupled with its on-site office at One Gateway, are responsible for managing all tenant relationships at the landmark facility.
Last year, Advance completed a multi-million dollar repositioning of One Gateway Center in Newark, New Jersey. The landmark mixed-use office and retail complex was acquired by Advance Realty Group in late 2002, and this repositioning was one of the largest and most important re-investment projects ever completed in Newark. Designed by the Grad Partnership, the dramatic new lobbies and enhanced retail space at One Gateway creates a bold, exciting and vibrant point of entry into the complex while also significantly upgrading the retail space to attract a more diverse mix of tenancy. Tenants who lease space at One Gateway also become members of Advance’s exclusive “One Club,” which provides exceptional discounts with a group of business vendors and offers special services including access to state-of-the-art conference centers for business functions.
“Our outstanding tenant retention ratio at One Gateway Center reflects our core philosophy as a landlord to provide the best managed and maintained facilities for our tenants. Led by our leasing and asset management teams, our ability to retain tenants at all of our properties is truly one of the distinguishing characteristics of Advance Realty Group. The capital improvement program we recently completed at One Gateway also attests to our commitment to providing tenants with the best workspaces for their particular businesses in the Newark market,” stated Robert R. Martie, senior vice president and regional managing director of Advance Realty Group.
Karen Steinberger, executive director for Saiber, Sleschinger, Satz and Goldstein, a law firm, has been a tenant at One Gateway Center for more than 20 years. “SSS&G relocated from the 8PthP floor to our current home on the 13PthP floor in 1989. One Gateway has consistently exceeded our expectations.” She also notes, “The people are great, and the facility itself is beautiful. It is really the location that makes it such a valuable asset to the firm. Only a short train ride from NYC, once the Newark train line is extended to Broad Street, the commute will become even easier.”
Norman Laventhal, owner of The Stadium Shop, a sports apparel company, has been a tenant in One Gateway for seven years. Regarding the management of the facility, he comments, “The management of this building is phenomenal. They are incredibly responsive and consistently take the initiative to do things before they even become an issue. The professionals at Advance Realty Group really exemplify what is expected from a management group. They will bend over backwards for their tenants.”
Originally built in 1971, One Gateway Center has historically been the center of business activity in Newark. Spanning 491,864 square feet of office space, with 50,000 square feet of retail space including a health club and restaurants, One Gateway Center is strategically located directly across from Newark Penn Station with Amtrak service to New York, Washington, D.C. and Boston. NJ Transit and the PATH trains also provide direct access to New York and Newark Liberty International Airport.
Advance Realty Group is an owner and developer of office, flex, industrial, retail and multifamily properties. With five million square feet of operating properties and a development portfolio consisting of eight million square feet of commercial projects and 9,400 residential units, Advance is one of the leading real estate owners in the Northeast and is headquartered in Bedminster, New Jersey.