X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

JERSEY CITY-Mack-Cali Realty Corp. officials announced late yesterday that “a major international bank” had taken an additional 53,727 sf at the Cranford-based REIT’s Harborside Financial Center Plaza 1 on this city’s waterfront. Company officials did not identify the tenant, citing a confidentiality agreement, but sources confirm that the tenant is Deutsche Bank. The latter is in fact currently listed as a major tenant at the building.

The expansion follows on the heels of a related transaction in August. In that one, Deutsche Bank signed a lease for a total of 228,193 sf in the 400,000-sf eight-story building, a deal encompassing a 90,000-sf renewal and an expansion of more than 138,000 sf. That signing replaced a lease that was set to expire at the end of 2006, and this latest expansion bumps Deutsche Bank’s occupancy in the building to nearly 282,000 sf.

“This transaction is an indication of the success of our repositioning efforts at this Harborside building,” says Mitchell E. Hersh, Mack-Cali’s president/CEO. “Harborside Financial Center has become an attractive office location.”

The repositioning and modernization referenced at Plaza 1 was completed earlier this year, and the latest Deutsche Bank expansion brings the building to more than 94% occupancy, according to information released by Mack-Cali. Altogether, the REIT has more than 4.3 million sf in Jersey City, a portfolio that’s currently 98.9% leased. Of that total, about 3.6 million sf is tied up in the multi-building Harborside complex.

The expansion, which carries a term of approximately 10 years, was pursuant to an option in the lease signed in August. Combined, the deals will keep Deutsche Bank in the building into 2017. David Maurer-Hollaender led a team of New Jersey and New York brokers from CB Richard Ellis in representing the tenant, while Mack-Cali was represented in-house. Further terms were not released.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.