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525 Washington Boulevard

Poke Bowl NYC Signs Retail Lease And Renewals For Office Space In Jersey City
LEASEDOffice

Poke Bowl NYC Signs Retail Lease And Renewals For Office Space In Jersey City

525 Washington Boulevard

Building Size

20,263 SF

Asset Type

Office

Closing

Oct 1, 2024

AI

The property asset involved is located at 525 Washington Boulevard, Jersey City. It is classified as an office space with a total square footage of 20,263. The transaction included a new retail lease and multiple office lease renewals. The specific space for Poke Bowl NYC is 1,448 square feet, while the office spaces for the other tenants vary in size: Wedbush Securities occupies 11,125 square feet, Hudson Edge Investment occupies 3,796 square feet, and Pearson VUE occupies 3,894 square feet.

Summary of transaction details:

Cushman & Wakefield facilitated the arrangement of the new retail lease for Poke Bowl NYC and the lease renewals for the office tenants. The landlord, BGO, was represented by David DeMatteis and Mina Shehata for the office leases, while Neil Seth and Kathryn Cruz were responsible for the retail lease. The representation for the tenants included Estelle Holm Pedersen for Poke Bowl NYC, David Kluth and Dan Reider for Wedbush Securities, Christopher Marx for Hudson Edge Investment, and Mike McKenna for Pearson VUE from Cresa.

Players

Dan Reider

Newmark

Broker

$146.1M

vol

14 deals

Broker

Jersey City Office Market Snapshot

Boundary boundary · Office · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93