JERSEY CITY-Mack-Cali Realty Corp. has signed a 100,274-square-foot expansion lease with The Bank of Tokyo-Mitsubishi UFJ Ltd. at its Harborside Plaza 3 in the Harborside Financial Center here.
This brings the bank’s total leased space to 261,957 square feet, which is roughly a third of the Plaza 3 building. Mitchell E. Hersh, Mack-Cali president and chief executive officer, said the five-building waterfront complex is now 97.3 % leased. “We are delighted that the Bank of Tokyo-Mitsubishi continues to expand its presence,” Hersh said. “This transaction demonstrates our ability to build long-term relationships with leading global businesses."
The bank had renewed its original lease of 137,076 square feet at Harborside Financial Center early last year. Since then, the Hudson waterfront market has continued to lead leasing in Northern New Jersey, according to market analysts.
The expansion lease has a 17-year, three-month term. Cushman & Wakefield represented the bank in the transaction, with Fred Smith and Curtis Foster taking the lead. The Bank of Tokyo is a subsidiary of Mitsubishi UFJ Financial Group.
Harborside Financial Center was developed by the Mack-Cali REIT as a "city within a city" in Jersey City. It includes 3.1 million square feet of office space, retail shops, restaurants and a planned residential rental towers.
Mack-Cali owns or has interests in 277 properties in the Northeast, primarily office and office/flex buildings comprising 32.2 million square feet. The tenant roster numbers more than 2,000 companies.
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