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Deutsche Bank To Expand Jersey City Office Lease
Deutsche Bank has signed a lease with Mack-Cali Realty to add 138,193 square feet to its existing space at Harborside Financial Center Plaza 1 on the waterfront in Jersey City.
Deutsche Bank has signed a lease with Mack-Cali Realty to add 138,193 square feet to its existing space at Harborside Financial Center Plaza 1 on the waterfront in Jersey City. The bank already leases 90,000 square feet and will briaIn signing the lease, the bank received a 10-year, $21.9 million business employment incentive grant from The New Jersey Economic Development Authority that aims to lure major corporations across the Hudson River. CB Richard Ellis arranged the transaction.
An official at Deutsche Bank confirmed that the bank will be moving staff to Jersey City over the next 18 months but said no employees from its headquarters at 60 Wall Street will be affected. The bank has another office in midtown but the official declined to comment further. Deutsche Bank has about 10,000 employees in the New York area, including 350 in New Jersey. Most of the New Jersey employees work in the Harborside complex. The property, which was recently modernized, will now be 79% leased as a result of the expansion.
The lease underscores Mack-Cali's bet that Jersey City will benefit from the supply-constrained Midtown Manhattan market. The REIT believes that more companies will seek less expensive space across the river as rents rise in Manhattan.