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Deals & Dealmakers

LeFrak bags beauty bigs as Newport continues to transform

Fashion stalwart Tory Burch and cosmetic giant L’Oréal USA are set to open office locations at Newport in Jersey City, the country’s largest mixed-use waterfront community developed by LeFrak.

Tory Burch leased two full floors comprising nearly 93,000 s/f of office space at 499 Washington Boulevard. The fashion company expects to relocate several of its Manhattan business units, including its finance, import/export and wholesale customer service divisions, into the 620,000 s/f office building by the fourth quarter of this year.

Jeffrey Peck, Dan Horowitz and Matt Barlow of Savills Studley represented Tory Burch in the 15-year leasing transaction while Charles Borrok and Dan Johnsen of Cushman & Wakefield, together with Lefrak senior vice president and head of commercial real estate Marylou Berk represented the landlord.

Newport is the country’s largest mixed-use waterfront community

L’Oréal USA, which acquired IT Cosmetics last summer, leased 60,000 s/f comprising two full floors at 111 Town Square Place for the skincare products firm. Ray Kawas and Marylou Berk of Lefrak represented the landlord in the ten-year lease.

“We are delighted that two more outstanding names in the fashion and beauty fields are joining our prestigious roster of tenants at Newport,” stated Berk.

“It is very gratifying for us to acknowledge the obvious – that Newport has become an attractive luxury office destination to companies in all fields who value and seek the kind of amenities and benefits that our unique mixed-use waterfront community offers and that modern day businesses demand.”

Berk also credited Melissa Orsen and Tim Lizura of NJEDA for its “welcoming” incentive program, which she said played an important role in attracting companies to Newport as well as the state of New Jersey.

Tory Burch received a ten-year, $10.7 million Grow New Jersey award to set-up shop in Jersey after eyeing a different location in Brooklyn. The EDA estimates the Newport move will contribute a $30.1 million benefit back to the state of New Jersey over the next 20 years.

Among the roster of tenants currently headquartered at Newport are JP Morgan Chase, which occupies approximately 1.4 million square feet in three buildings; Citigroup; ISO/Verisk Analytics; Depository Trust & Clearing Corporation (DTCC); Societe Generale; Fidelity subsidiary National Financial Services LLC; Tokio Marine, a general and life insurance company; high tech giant Computershare; and VF Sportswear, Inc.

Once a FiDi swing space, the seven million square foot, eight-building Newport corporate center is transforming into a diverse business community of companies in fashion, beauty and media.

In December 2013, Forbes Media LLC relocated its corporate headquarters from Lower Manhattan to nearly 93,000 s/6f at 499 Washington Boulevard.

Pictured top: 499 Washington Boulevard

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