Bank of Tokyo-Mitsubishi UFJ expands in Jersey City

New York /
Sep.September 01, 2010 09:00 AM

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.

 

Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)
Hudson Yards megadevelopment inspires a new line of sex toys
Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Project Renewal CEO Eric Rosenbaum, Attorney Adam Leitman Bailey and 27 West 11th Street. (Google Maps, Facebook via Project Renewal, Bailey)
Greenwich Village site eyed for shelter has asbestos issues: lawsuit
Greenwich Village site eyed for shelter has asbestos issues: lawsuit
Warren Buffet and a prototype of a MiTek and Danny Forster & Architecture building. (MiTek, Getty)
Warren Buffett bets on modular construction
Warren Buffett bets on modular construction
REBNY's James Whelan, Sen. Brad Hoylman and Assemblymember Emily Gallagher (Getty, Whelan via Anuja Shakya)
Bill to audit 421a gets hearing as pols put subsidy in crosshairs
Bill to audit 421a gets hearing as pols put subsidy in crosshairs
Sonder CEO Francis Davidson and 130 Duane Street (Sonder, Google Maps)
Premier Equities buys Tribeca hotel, inks Sonder to lease
Premier Equities buys Tribeca hotel, inks Sonder to lease
Lower demand for refinancings has caused purchase loans to take a larger share of the market. (iStock)
Mortgage demand plummets to lowest level in a year
Mortgage demand plummets to lowest level in a year
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...