About that return to the office? Bank of America signaled it’s all-in when it signed a 15-year lease to take 550,000 square feet at BGO’s Newport Tower in Jersey City.
The lease, which was signed in December, spans 21 floors of the 36-story building at 525 Washington Blvd.,
The Commercial Observer was first to report the news.
BofA has a tentative move-in date of the first quarter of 2026, the outlet reported.
Alberto Garofalo, the market president of New Jersey for Bank of America, told the outlet the lease gives the company an ability to have all of its Jersey City employees under one roof.
Jersey City Mayor Steve Fulop was more than thrilled, noting on the platform formerly called Twitter:
“This is BIG BIG for us and speaks volumes about Jersey City,” the declared gubernatorial candidate tweeted. “In an environment filled with bad commercial/office news, this happens to be a record-breaking massive lease signing and is a big bet on Jersey City’s future.”
This is BIG BIG for us and speaks volumes about #JerseyCity. In an environment filled with bad commercial/office news this happens to be a record breaking massive lease signing and is a big bet on Jersey City’s future. Think about the fact this is the ONLY new lease over 500,000…
— Steven Fulop (@StevenFulop) January 18, 2024
This lease is believed to be the first for more than 500,000 square feet in more than 10 years.
Garofalo told the Commercial Observer that the lease shows the company’s commitment to New Jersey — and Jersey City.
“It’s a natural next step for us here in Jersey City,” he said. “We’ve got a long history here supporting the community with significant philanthropic contributions and sponsorships, upwards of $4 million across New Jersey. So, it feels like a natural next step for us here, and we’re so excited about what’s ahead.”
CBRE’s Bob Alexander, Ryan Alexander and Taylor Callaghan represented Bank of America in the deal.
Cushman & Wakefield’s David DeMatteis, Robert Rudin, Dirk Hrobsky and Mina Shehata represented the landlord.
