According to Bank of America, its new Jersey City office lease is the largest in the state in the last decade.

The 15-year agreement for 550,000 square feet at 525 Washington Blvd. will allow the financial institution to consolidate all of its city employees in one location — across 21 of Newport Tower‘s 36 floors.

The deal was announced separately Jan. 18 by Bank of America and Cushman & Wakefield.

Vice Chair Robert Rudin, Executive Managing Directors David DeMatteis and Dirk Hrobsky, Managing Director Mina Shehata, Karl Helgessen, Director Jan Randall Dausend and Senior Brokerage Specialist Christina Magill represented the landlord, BGO, in the transaction.

CBRE Chairman Bob Alexander and Vice Chairmen Ryan Alexander and Taylor Callaghan represented Bank of America.

“Through this lease, we have an opportunity to bring all of our Jersey City employees under one roof,” said Alberto Garofalo, market president, Bank of America New Jersey. “The amenities of 525 Washington Ave. really align with our goals, and with our future. We’re really excited about what this transaction means, both for Jersey City and for our Jersey City employees.”

BofA anticipates a tentative move-in for the first quarter of 2026. The number of employees that will occupy the space was not immediately available.

According to DeMatteis, the lease underscores the kinds of spaces employers are looking for in the evolving office sector.

“Bank of America’s long-term commitment to Newport Tower serves as further evidence that companies are prioritizing top-tier buildings that offer quality, connectivity and convenience,” he said.

Not all work and no play

Located along the waterfront in Jersey City, Newport Tower is a mixed-use district with retail, residential and commercial spaces. Renovations resulting from a recent multimillion dollar campaign at the tower included an updated entrance design, a two-story glass atrium lobby and tenant amenity center.

“BGO‘s capital investment into this property underscores its pivotal role in supporting businesses, as Newport Tower offers an unsurpassed, amenity-rich Class A office experience that is truly the epitome of a live-work-play environment,” DeMatteis continued.

Amenities include: retail arcade with eight Midtown-South inspired dining options, fitness center, game room, coworking spaces, meeting rooms, conference center, tenant lounge, bike storage, 24-hour enclosed parking, as well as an enclosed skybridge leading to the 1 million-square-foot Newport Centre Mall.

“Newport Tower’s quality, convenience and prime location make it a fantastic option for occupiers who are looking to prioritize wellbeing and accessibility for employees,” added Rudin. “Bank of America’s long-term commitment to Newport Tower underscores the importance of investing in properties that contribute to the success of businesses and facilitate a seamless return to office environment.”

The lease marks continued momentum for Jersey City in attracting businesses. Earlier this week, Cushman & Wakefield announced agreements covering more than 62,000 square feet at another office building in the city, including with Hyundai Motor America.

In 2020, Newport Tower was awarded the 2020 Kingsley Excellence Award for Tenant Satisfaction and the Fitwel Viral Response Certification, Cushman & Wakefield said. The property is located across the street from the Newport PATH station, additionally the NJ Transit Light Rail stops at the building.

The BofA news was first reported by Commercial Observer on Jan. 16.

Another big deal

In July, NJ Transit signed a more than 400,000-square-foot lease at at Onyx Equities LLC’s Two Gateway Center, which offers a pedestrian connection to Newark Penn Station. More details here.