Newport, LeFrak’s eight-building corporate center in Jersey City was once known mainly as a mecca for financial and high-tech firms. But the tenant mix has grown more diversified with an influx of fashion, beauty and media companies.
Now, two glamorous, marquee names usually associated with Manhattan have signed long-terms leases for over 150,000 square feet combined. Sportswear designer Tory Burch took 93,000 square feet at 499 Washington Blvd., where it plans to relocate several units from across the Hudson River.
Meanwhile, L’Oréal USA, which is based at Related’s Hudson Yards, leased 60,000 square feet at 111 Town Square Place for IT Cosmetics, which it acquired in 2016.
Office asking rents at Newport are in the high $30s per square foot. Tory Burch was repped by Savills Studley, while Cushman & Wakefield and an in-house LeFrak team repped the landlord. A LeFrak in-house team also handled the L’Oréal deal.