It's only a 20-minute trip. Moreover, there is the Exchange Place stop on the PATH right here at Harborside . As we develop the piers, we'll also complete the waterfront walkway. It will actually become the Rockefeller Center West of New Jersey. The 567,769 squarefoot facility, entirely financed by Lefrak, is set for occupancy in September.
Steel work is completed on that building.
But, already, the Lefrak Organization, which earlier announced plans for a fourth building, the 14-story Newport Office Center IV, has decided to increase its size from 434,000 square feet to 800,000 square feet and its height to 23 stories. Published reports indicate that U.S. Trust Corp. will relocate some 300 employees from its Manhattan headquarters and Cigna Corp. is also ready to sign a lease for space and relocate workers from Manhattan to the Newport facility. Cohen, who was involved in luring Bankers Trust to Harborside in Jersey City some 14 years ago, says lease negotiations are in progress on seven floors for two tenants. He would not identify those tenants. The total occupancy cost at Newport is 30 percent to 50 percent lower than comparable Class A properties in Manhattan.