Bank of America expanding to 548,000 sq. ft. at Jersey City’s Newport Tower – Real Estate NJ

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.

Multiple market reports highlighted the transaction at 525 Washington Blvd., a nearly 1.1 million-square-foot tower owned by BGO that underwent a $10 million renovation in 2020. The deal comprises a renewal and an expansion of some 437,000 square feet.

Cushman & Wakefield’s Robert Rudin, David DeMatteis, Mina Shehata, Dirk Hrobsky, Karl Helgessen, Jan Randall Dausend and Christina Magill represented ownership at the property, which is on both the PATH line and NJ Transit’s Hudson-Bergen Light Rail. CBRE’s Bob Alexander, Ryan Alexander and Taylor Callaghan represented Bank of America in the 547,962-square-foot deal.

“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 on Tuesday said Bank of America signed a 15-year lease at what’s known as Newport Tower. 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 building 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.”

Banking giant inks 20-year, 150,000 sq. ft. renewal in Jersey City, as landlord launches $10 million building upgrade