Page 18 - Issue 45 Sept2020

16 SEPTEMBER 2020
THE LONG VIEW
Banking giant inks 20-year, 150,000 sq. ft. renewal in Jersey City, as landlord launches $10 million building upgrade
In a time of uncertainty for the office sector, many landlords and tenants have stayed bullish on the
need for a physical workplace. Look no further than one of Jersey City’s tallest commercial buildings — and the French banking giant that has called it home for nearly 15 years.
The company, BNP Paribas, has signed a 20-year lease renewal for
“A lot of our tenants are looking forward to coming back,” said
Rob Naso, co-head of U.S. asset management at BentallGreenOak. “I don’t think you can replace the in- person dynamic.”
BNP Paribas has leased space
in Newport Tower since 2007
and expects to have about 1,350 employees in the building by 2022. The company recently reduced its footprint at 787 Seventh Ave. in Manhattan, from 454,000 square feet to about 323,000 square feet, although representatives say its renewal in Jersey City reflects its commitment to the New York area.
The deal also comes as BentallGreenOak embarks on $10 million in upgrades at Newport Tower, which sits at 525 Washington Blvd. These improvements include many that BNP Paribas requested, such as additional signage and its
own reception desk. The bank’s offices will be more flexible, with movable furniture and more space between desks, to reduce the chance of transmitting the coronavirus.
BNP says it will move a majority of its employees, depending on their roles, to remote work for two to three days a week for the foreseeable future. The company said it wants to encourage “creative collaboration” in the office, with places for employees to meet and exchange ideas, while also allowing work to be carried out remotely.
According to BentallGreenOak, upgrades to the 30-year-old tower will start at the front door, because visitors couldn’t always tell that the building is separate from the Newport Centre shopping mall.
“You wouldn’t know how to find the entrance,” said Mariana Circiu- maru, head of U.S. construction for
BentallGreenOak, which is based in Toronto.
To remedy that, the main entrance is being replaced with a large arched glass rotunda,
opening into a
By Kathleen Lynn
150,000 square feet at Newport Tower, a 1.1 million-square- foot, 36-story property along the Hudson waterfront. It’s now working with building
two-story glass
atrium lobby.
In addition,
the company is
converting 5,000
square feet of
underutilized
storage space
off the main lobby into conference rooms and space for food and beverage providers.
BentallGreenOak also added a bicycle storage room, with showers and space for 54 bikes, to support workers who want to commute on two wheels. For those who prefer public transit, Newport is on both the PATH line and NJ Transit’s
Rob Naso
owner BentallGreenOak to make the space more flexible and modern for a workforce that is expected to spend less time in the office, but return nonetheless.
Mariana Circiumaru
BentallGreenOak has launched a $10 million upgrade to Newport Tower in Jersey City, which includes a plan to replace the main entrance with a large arched glass rotunda.
Courtesy: BentallGreenOak