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
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Sam Zell with a RVC Outdoor Destinations site (Getty, RVC)
Sam Zell’s Equity Lifestyle Properties invests $147M in manufactured homes
Sam Zell’s Equity Lifestyle Properties invests $147M in manufactured homes
From left: Caren Maio, Blima Ehrentreu, David Abrams, David Schechtman and Justin Ehrlich
Proptech stars — they’re just like us: Future City attendee spotlight
Proptech stars — they’re just like us: Future City attendee spotlight
Richard Wagman, managing partner, Madison Capital (Care/of, Madison Capital, iStock)
Madison Capital signs wellness company in Brooklyn office
Madison Capital signs wellness company in Brooklyn office
Reza Merchant and 555 Broadway (Google Maps, LinkedIn)
The Collective unloads Williamsburg dev site to avoid foreclosure
The Collective unloads Williamsburg dev site to avoid foreclosure
Vornado co-head of real estate Glen Weiss and Sharebite President Mohsin Memon (VNO, Facebook, iStock)
Vornado sweetening Manhattan properties with food delivery partner
Vornado sweetening Manhattan properties with food delivery partner
arrow_forward_ios

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

Loading...