Bank Of America Signs 15-Year Lease For 550,000 SF At Newport Tower In Jersey City

Bank of America has signed a record-breaking 15-year lease for 550,000 square feet at BGO's Newport Tower in Jersey City. The lease is valued at $122 million and spans 21 floors. This deal is significant as it is the only new lease over 500,000 square feet in New Jersey in the last 10 years. The tentative move-in date is set for the first quarter of 2026.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $122 million
• Address: 525 Washington Boulevard, Jersey City
• Square Footage: 550,000
• Market: Jersey City

The landlord for this lease is Rob Naso from BGO, while the tenants are Alberto Garofalo and Gustavo Fernandez from Bank of America. Representing the landlord in this deal are David DeMatteis, Dirk Hrobsky, Mina Shehata, and Robert Rudin from Cushman & Wakefield. On the other hand, the tenant's representatives are Bob Alexander, Ryan Alexander, and Taylor Callaghan from CBRE.