The Real Deal New York

Bank of Tokyo-Mitsubishi UFJ expands in Jersey City

September 01, 2010 09:00AM
By David Jones

Harborside Financial Center

Mack-Cali Realty said that Bank of Tokyo-Mitsubishi UFJ signed an agreement to expand its existing lease by 24,607 square feet at Harborside Financial Center in Jersey City under a new nine-year agreement.

The lender, a unit of Mitsubishi UFJ Financial Services, currently operates out of a 137,000-square-foot space at Harborside Plaza 3. The new agreement will bring the tenant’s total lease space to 161,683 square feet in the Class A office building.

The 3.1-million-square foot Harborside complex on the waterfront is almost 99 percent leased, according to Mack-Cali.

The bank was represented by Fred Smith and Curtis Foster of Cushman & Wakefield of New Jersey.

The terms of the agreement were not released, but average rents for Class A buildings on the Hudson waterfront in New Jersey have been $35 per square foot, according to a Cushman & Wakefield report.

Mack-Cali earlier this month signed an 11-year lease with Frenkel & Co., an international insurance brokerage for 23,516 square feet at Harborside Financial Center Plaza 3. Frenkel was previously a subtenant at Mack-Cali’s 101 Hudson Street in 2003 and then signed a direct lease in 2009. The firm is relocating its offices to Harborside.

This expansion comes amid mounting woes for U.S. banks. As many as 1,000 banks nationwide could be in serious fiscal trouble by 2011, according to a recent analysis by Fortune magazine.

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