Bank of Tokyo Continues to Grow in Jersey City with 100,274-Sq.-Ft. Expansion Lease

PRLog (Press Release) - Jun. 25, 2012 - In another clear sign that the financial community continues to find a home and grow on the Hudson River waterfront, The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) has signed a 17-year, three-month expansion lease for 100,274 square feet at Harborside Financial Center. The subsidiary of Mitsubishi UFJ Financial Group, represented in the transaction by Cushman & Wakefield, Inc., now occupies nearly 262,000 square feet at the 725,600-square-foot Harborside Plaza 3.

"We have worked with The Bank of Tokyo-Mitsubishi and other banks for a number of years, and it is exciting that they have continued to expand their presence in Jersey City," said Curtis Foster, executive vice president of Cushman & Wakefield, Inc., East Rutherford, N.J., who teamed with Fred Smith of the firm's Midtown New York office to represent the tenant. "In general, financial services continue to find Jersey City, with its close proximity to Lower Manhattan, a highly attractive alternative for their operations.

"The fact that The Bank of Tokyo-Mitsubishi, one of the largest multi-national banks in the world, continues to expand its commitment to Jersey City, speaks volumes for the market's vitality," said Foster.

"This transaction was a complicated one, because it involved expansion by The Bank of Tokyo-Mitsubishi in both New York and New Jersey," said Smith. "With our experience and our long-term relationship with the bank, we were well-prepared to complete this transaction for the benefit of everyone involved."

Harborside Plaza 3 is part of Mack-Cali Realty Corp.'s 3.1 million-square-foot Harborside Financial Center, consisting of five office buildings, retail shops and additional sites for development. The landlord was represented in-house in the expansion lease.