Flurry Of Office Deals Close in Jersey City
A winter nor'easter wasn't enough to slow dealmaking in Jersey City this week. A large loan and two major leases have closed.
First, Dividend Capital Diversified Property Fund closed on $146.6M in financing from New York Life Real Estate Investors for 3 Second St, a 17-story, 600k SF Class-A office building along the Waterfront, Real Estate Weekly reports.
Proceeds from the floating-rate loan — which has an initial term of three years with two one-year extensions — will be used to pay off other debt and provide advances for leasing and improvements. Among its tenants is Japanese financial services company Mizuho, which signed a 107k SF sublease from Charles Schwab in July.
In Newport, The LeFrak Org leased 93k SF of office space at 499 Washington Blvd to Tory Burch, which plans to relocate several of its Manhattan business units to the building. It also leased 60k SF at 11 Town Square Place to L’Oréal USA.
Tory Burch received a 10-year, $10.7M Grow NJ award for the move. [REW]
