Real Estate

Bank of America Leases 550,000-SF at Newport Tower in Jersey City

Cushman & Wakefield has arranged a 550,000-square-foot office lease for Bank of America at 525 Washington Boulevard, a 1.1 million-square-foot Class A office property also known as Newport Tower. The property is owned by real estate investment firm BentallGreenOak (BGO).

Cushman & Wakefield’s Robert Rudin, David DeMatteis, Mina Shehata, Dirk Hrobsky, Karl Helgessen, Jan Randall Dausend and Christina Magill represented the landlord, BGO, in the transaction. CBRE’s Bob Alexander, Ryan Alexander and Taylor Callaghan represented Bank of America.

“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,” said C&W’s David DeMatteis. “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.”

Situated on the Jersey City waterfront, Newport Tower is a mixed-use lifestyle district with retail, residential and commercial spaces. The 36-story property recently underwent a multi-million-dollar transformation. Renovations included a newly designed building entrance, a dramatic two-story glass atrium lobby and tenant amenity center.

The building’s amenities include a retail arcade with eight Midtown-South inspired dining options, a club metro fitness center, game room, co-working spaces, state-of-the-art meeting rooms, conference center, tenant lounge, bike storage and 24-hour enclosed parking, as well as an enclosed skybridge connection to Newport Centre Mall, a one-million-square-foot destination for shopping, dining and entertainment with more than 130 stores and one of the largest food courts in New Jersey.

“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,” added C&W’s Robert Rudin. “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.”

Newport Tower was awarded the 2020 Kingsley Excellence Award for Tenant Satisfaction and the 2020 Fitwel Viral Response Certification. The property is located across the street from the Newport PATH station, providing direct access to both Midtown Manhattan and Downtown Manhattan in 15 minutes. The NJ Transit Light Rail stops at the building and is one stop from Hoboken Terminal, boasting great accessibility for commuters.

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