Milbank LLP represented Garrison Investment Group and Onyx Equities, LLC in connection with a multi-phased transaction to form a four-party joint venture with Taconic Capital Advisors L.P. and Axonic Capital LLC to acquire and finance most of Gateway Center in Newark, New Jersey. The 1.6-million square foot transaction, which marks the largest New Jersey office deal in 2018 and one of the largest in recent years, is valued at US$325 million.
After signing a purchase and sale agreement for the property and a purchase and sale agreement for a defaulted loan, the joint venture then obtained a deed-in-lieu of the defaulted loan and acquired additional space from a neighboring hotel through a back-to-back agreement and a condominium amendment to be wrapped into the ultimate sale to the venture. In addition to representing Garrison and Onyx on the joint venture and purchase negotiations, Milbank represented the joint venture in obtaining acquisition financing for the purchase from Austrian bank BAWAG.
The Milbank team included Real Estate partners Kevin O’Shea and Yaakov Sheinfeld, special counsel Alan Schacter, associates Jayne Banks, Julianne Guzman, Collin Peck, Kelsey Bishop and Carolyn Carpenter, as well as Tax partner Max Goodman and Executive Compensation and Employee Benefits partner Joel Krasnow.
