Season 4, Episode 12: Jack Stone and Alex Gornik sit down with Jon Schultz, Co-Founder and Managing Principal of Onyx Equities, one of the Northeast’s most active private real estate firms. Schultz—known for turning around complex office, industrial, and retail assets—shares how Onyx repositions properties, adapts across cycles, and captures value in a rapidly evolving market.



From life sciences and medical office to AI-driven data centers, he breaks down the trends reshaping the tri-state region, the lessons learned from decades of leadership, and why success now depends on being “customer-obsessed.



TOPICS

00:00 – Introduction

02:10 – Early Career and Founding Onyx Equities

06:15 – Navigating Market Cycles and Value Creation

09:30 – Office Market Shifts and Tenant Demand

12:45 – Life Sciences and Medical Office Expansion

17:40 – Inside the Data Center Gold Rush

22:15 – Rates, Debt, and Opportunities Ahead

27:48 – Tri-State vs. Sun Belt Market Dynamics

34:05 – Leadership, Adaptability, and Lessons Learned

42:30 – Building a Brand Tenants Trust









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About No Cap Podcast



Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.







About CRE Daily 



CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.