Newport Tower at 525 Washington Blvd. in Jersey City — File photo
By Joshua Burd
Bank of America has leased nearly 550,000 square feet along the Jersey City waterfront, in an expansion that marks one of New Jersey’s largest office deals in recent memory.
The deal, which comprises a renewal and an expansion of some 437,000 square feet, equates to roughly half of the 36-story building at 525 Washington Blvd. It also comes around three years after a $10 million renovation by BGO, the owner of the nearly 1.1 million-square-foot property, that helped modernize what’s known as Newport Tower.
Cushman & Wakefield’s Robert Rudin, David DeMatteis, Mina Shehata, Dirk Hrobsky, Karl Helgessen, Jan Randall Dausend and Christina Magill represented ownership in the 547,962-square-foot deal. CBRE’s Bob Alexander, Ryan Alexander and Taylor Callaghan represented the tenant.
“Bank of America’s long-term commitment to Newport Tower serves as further evidence that companies are prioritizing top-tier buildings that offer quality, connectivity and convenience,” DeMatteis said. “BGO’s capital investment into this property underscores its pivotal role in supporting businesses, as Newport Tower offers an unsurpassed, amenity-rich Class A office experience that is truly the epitome of a live-work-play environment.”
A market report by CBRE cited such a 547,962-square-foot expansion by what it described as a large financial institution, fueling northern New Jersey’s best quarter for office leasing since 2021. The December deal also led to a 326 percent improvement quarter over quarter in the Hudson waterfront submarket.
Commercial Observer in mid-January said Bank of America signed a 15-year lease at Newport Tower, which is on both the PATH line and NJ Transit’s Hudson-Bergen Light Rail. According to the report, the transaction spans 21 of the tower’s 36 floors, while the lender has a tentative move-in date of the first quarter of 2026.
This is BIG BIG for us and speaks volumes about #JerseyCity. In an environment filled with bad commercial/office news this happens to be a record breaking massive lease signing and is a big bet on Jersey City’s future. Think about the fact this is the ONLY new lease over 500,000…
— Steven Fulop (@StevenFulop) January 18, 2024
BGO’s upgrades to Newport Tower included installing a large arched glass rotunda that opens into a two-story glass atrium lobby. It also overhauled the building’s amenity spaces — which include a tenant lounge, conference and meetings rooms and bike storage — while the property is home to an Industrious coworking facility and a Club Metro fitness center.
“Newport Tower’s quality, convenience and prime location make it a fantastic option for occupiers who are looking to prioritize wellbeing and accessibility for employees,” Rudin said. “Bank of America’s long-term commitment to Newport Tower underscores the importance of investing in properties that contribute to the success of businesses and facilitate a seamless return to office environment.”
Alberto Garofalo, Bank of America’s market president in New Jersey, told Commercial Observer that the building’s amenities “really align with our goals, and with our future. We’re really excited about what this transaction means, both for Jersey City and for our Jersey City employees.”
