Schwab Takes Another 275,000 SF on the Waterfront

What to do with the rest of the proposed space in the 575,000-sf class A building? Not to worry--Schwab has just signed a lease for the rest of the space, 275,000 sf in the latest deal, taking over the entire Mack-Cali building. The total Schwab commitment is 575,000 sf, but interestingly it involves two separate lease transactions. The new lease is for a 15-year term, making for some interesting negotiations down the line.

Harborside Plaza 10 is slated for completion early next year. The space taken up by the Schwab organization will be used as the company's East Coast regional headquarters.

With the latest deals, Harborside Financial Center, which totals more than 2.1 million sf on Jersey City's ultra-tight waterfront submarket, is 100% leased/pre-leased. Harborside Plaza 10 is a joint venture between Mack-Cali and Columbia Development. Insignia/ESG is handling the leasing for the building, which is essentially leased up anyway, as well as additional office towers planned for Harborside. In the latest transaction, Insignia/ESG represented Mack-Cali, while Julien J. Studley, Inc. represented Schwab.

"This lease demonstrates our relationship with the Schwab organization and the appeal of the Hudson River waterfront as a headquarters location," according to Mack-Cali CEO Mitch Hersh. "This will continue to develop as a significant asset in this submarket, which is one of the top markets in Northeast, if not the country."

Harborside 10 is part of a multi-office-building project that also includes a Hyatt Regency Hotel and luxury residential apartments. Remaining sites at Harborside are said to be able to accommodate as much as 4.5 million sf of additional office development.