BXP Forms Joint Venture with Albanese Organization and CrossHarbor Capital to Develop 290 Coles Street in Jersey City, New Jersey
BXP has formed a joint venture to develop 290 Coles Street, a residential project in Jersey City, New Jersey. The $400M development will feature 670 market-rate units with views of the Hudson River and Manhattan skyline. The ownership structure comprises BXP (19%), Albanese Organization (14%), and CrossHarbor Capital (67%).
The development includes an 8-story podium and two towers (14 and 22 stories), over 350 parking spaces, and 13,000 square feet of retail space. The project secured a $225M senior secured construction loan led by BNY. Additionally, BXP will provide $65M in preferred equity funding.
Located in the SoHo West neighborhood, the property will offer 70,000 square feet of amenities including co-working spaces, fitness center, outdoor pool, and sky lounge. Construction is expected to complete in early 2028.
BXP ha costituito una joint venture per sviluppare 290 Coles Street, un progetto residenziale a Jersey City, New Jersey. Lo sviluppo da 400 milioni di dollari presenterà 670 unità a prezzo di mercato con vista sul fiume Hudson e sullo skyline di Manhattan. La struttura di proprietà comprende BXP (19%), Albanese Organization (14%) e CrossHarbor Capital (67%).
Il progetto include un podio di 8 piani e due torri (di 14 e 22 piani), oltre 350 posti auto e 13.000 piedi quadrati di spazio commerciale. Il progetto ha ottenuto un prestito di costruzione senior garantito di 225 milioni di dollari guidato da BNY. Inoltre, BXP fornirà 65 milioni di dollari in finanziamenti di equity preferenziale.
Situato nel quartiere SoHo West, la proprietà offrirà 70.000 piedi quadrati di servizi tra cui spazi di co-working, centro fitness, piscina all'aperto e sky lounge. La costruzione dovrebbe concludersi all'inizio del 2028.
BXP ha formado una empresa conjunta para desarrollar 290 Coles Street, un proyecto residencial en Jersey City, Nueva Jersey. El desarrollo de 400 millones de dólares contará con 670 unidades a precio de mercado con vistas al río Hudson y al horizonte de Manhattan. La estructura de propiedad comprende BXP (19%), Albanese Organization (14%) y CrossHarbor Capital (67%).
El desarrollo incluye un podio de 8 pisos y dos torres (de 14 y 22 pisos), más de 350 espacios de estacionamiento y 13,000 pies cuadrados de espacio comercial. El proyecto aseguró un préstamo de construcción senior garantizado de 225 millones de dólares liderado por BNY. Además, BXP proporcionará 65 millones de dólares en financiamiento de capital preferente.
Ubicada en el vecindario de SoHo West, la propiedad ofrecerá 70,000 pies cuadrados de comodidades que incluyen espacios de co-working, gimnasio, piscina al aire libre y sky lounge. Se espera que la construcción finalice a principios de 2028.
BXP는 뉴저지주 저지 시티에 위치한 주거 프로젝트 290 Coles Street 개발을 위해 합작 회사를 설립했습니다. 4억 달러 규모의 개발 프로젝트는 허드슨 강과 맨해튼 스카이라인을 조망할 수 있는 670개의 시장 가격 유닛을 포함할 것입니다. 소유 구조는 BXP(19%), Albanese Organization(14%), CrossHarbor Capital(67%)로 구성됩니다.
이 개발에는 8층 높이의 포디움과 두 개의 타워(14층 및 22층), 350개 이상의 주차 공간, 13,000평방피트의 소매 공간이 포함됩니다. 이 프로젝트는 BNY가 주도하는 2억 2,500만 달러 규모의 선순위 담보 건설 대출을 확보했습니다. 또한 BXP는 6,500만 달러의 우선주 자금을 제공할 것입니다.
소호 웨스트 지역에 위치한 이 부동산은 70,000평방피트의 편의 시설을 제공하며, 코워킹 공간, 피트니스 센터, 야외 수영장 및 스카이 라운지를 포함합니다. 건설은 2028년 초에 완료될 것으로 예상됩니다.
BXP a formé une coentreprise pour développer 290 Coles Street, un projet résidentiel à Jersey City, New Jersey. Le développement de 400 millions de dollars comprendra 670 unités à prix de marché avec vue sur le fleuve Hudson et la skyline de Manhattan. La structure de propriété se compose de BXP (19 %), Albanese Organization (14 %) et CrossHarbor Capital (67 %).
Le développement comprend un podium de 8 étages et deux tours (14 et 22 étages), plus de 350 places de stationnement et 13 000 pieds carrés d'espace commercial. Le projet a obtenu un prêt de construction senior sécurisé de 225 millions de dollars dirigé par BNY. De plus, BXP fournira 65 millions de dollars de financement en capital privilégié.
Situé dans le quartier SoHo West, la propriété offrira 70 000 pieds carrés de commodités comprenant des espaces de co-working, un centre de fitness, une piscine extérieure et un sky lounge. La construction devrait être achevée début 2028.
BXP hat ein Joint Venture gegründet, um 290 Coles Street, ein Wohnprojekt in Jersey City, New Jersey, zu entwickeln. Die 400 Millionen Dollar teure Entwicklung wird 670 Mietwohnungen mit Blick auf den Hudson River und die Skyline von Manhattan umfassen. Die Eigentümerstruktur besteht aus BXP (19 %), Albanese Organization (14 %) und CrossHarbor Capital (67 %).
Das Projekt umfasst ein 8-stöckiges Podium und zwei Türme (14 und 22 Stockwerke), über 350 Parkplätze und 13.000 Quadratfuß Einzelhandelsfläche. Das Projekt sicherte sich ein 225 Millionen Dollar umfassendes, senior gesichertes Baukredit, das von BNY geleitet wird. Darüber hinaus wird BXP 65 Millionen Dollar an Vorzugsaktienfinanzierung bereitstellen.
Das Grundstück befindet sich im Stadtteil SoHo West und wird 70.000 Quadratfuß an Annehmlichkeiten bieten, darunter Co-Working-Spaces, ein Fitnesscenter, einen Außenpool und eine Sky Lounge. Der Bau soll Anfang 2028 abgeschlossen sein.
- Secured $225M construction loan financing
- BXP providing additional $65M preferred equity funding
- Prime location with Hudson River and Manhattan skyline views
- 70,000 sq ft of premium amenities
- Diversification into residential market
- Minority ownership position (19% stake)
- Extended construction timeline (completion in 2028)
- Large capital commitment in single project
Insights
This $400 million joint venture represents a strategically calculated expansion for BXP beyond its core office portfolio. The investment structure demonstrates sophisticated risk management - BXP maintains meaningful exposure through its 19% equity stake plus $65 million in preferred equity, creating dual revenue streams while limiting downside risk.
The project's 670 units in Jersey City's SoHo West neighborhood capitalizes on strong fundamentals: Manhattan skyline views, proximity to multi-modal transit options, and recent infrastructure improvements including an adjacent park. The 70,000 square feet of premium amenities positions this development at the higher end of the market.
The financial structure reveals institutional confidence through a $225 million syndicated construction loan led by BNY with U.S. Bank and BBVA participation. This multi-bank commitment validates the project's underlying economics. BXP's partnership leverages complementary expertise - Albanese brings residential development credentials while CrossHarbor provides capital scale with its 67% stake.
While the 2028 delivery timeline introduces some market cycle exposure, the New York metro area continues facing housing supply constraints, suggesting sustained demand fundamentals for quality rental properties regardless of economic fluctuations. The full-block site provides development flexibility and scale advantages in construction efficiency.
BXP's entry into this joint venture represents a prudent diversification strategy amid evolving real estate market dynamics. The capital structure demonstrates financial discipline - their 19% common equity position combined with $65 million preferred equity investment creates priority returns while maintaining upside participation, effectively establishing multiple income streams once operational.
The $400 million project value constitutes approximately 3.8% of BXP's $10.6 billion market capitalization - a meaningful commitment without overextending resources. The $225 million construction loan further optimizes capital deployment by reducing immediate funding requirements while maintaining interest in project success.
CrossHarbor's dominant 67% stake provides strong institutional validation of the project fundamentals while allowing BXP to deploy expertise without assuming majority execution risk. The Jersey City location combines Manhattan proximity with infrastructure improvements and transit connectivity - core attributes that support premium residential pricing.
For investors, this venture signals strategic portfolio evolution beyond traditional office concentration, potentially reducing revenue volatility through asset class diversification. The structure allows BXP to participate in residential growth markets while maintaining capital allocation discipline. While short-term earnings impact will be minimal during construction, the project establishes a foundation for recurring revenue streams once operational in 2028.
National developer reveals plans for a residential development along the downtown waterfront
BXP and its partners will execute the approximately
“We’re excited to partner with Albanese Organization and CrossHarbor Capital to expand our residential portfolio to include 290 Coles,” said Hilary Spann, EVP,
“Albanese is thrilled to unveil its partnership with BXP and CrossHarbor as we prepare to break ground on 290 Coles next month,” said Chris Albanese, President of Albanese. “Albanese previously partnered with CrossHarbor to purchase the land, and we are excited to further strengthen the partnership with BXP. We look forward to building a luxury rental building that we believe will be uniquely positioned within the exciting SoHo West neighborhood in
"We are proud to collaborate with BXP and the Albanese Organization on this exciting opportunity,” said Tom Stevens, Partner and Co-Portfolio Manager at CrossHarbor Capital. "As a firm that invests in high-quality projects nationwide, we have strong confidence in the continued growth and strength of the
Co-Developers BXP and Albanese will oversee development of the site into a 670-unit residential development. Located along the downtown
290 Coles Street is a prime location in an exciting new residential neighborhood, SoHo West. SoHo West benefits from numerous recent improvements, including the development of a brand-new park adjacent to the 290 Coles Street development. The development offers easy access to Hoboken Terminal, which offers multi-modal transit access via PATH, NJ Transit, NY Waterway and Hudson-Bergen Light Rail, is just two blocks from a Citi Bike station, and is proximate to the primary downtowns of both
290 Coles Street was designed by Marchetto Higgins Stieve Architecture. Construction, which is being managed by K L Masters Construction Company, is expected to be completed in early 2028. Additional members of the design team include ICOR Consulting Engineers, DeSimone Consulting Engineering, Dresdner Robin, Meshberg Group, and The Marketing Directors. Legal representation associated with the new venture included Fried, Frank, Harris, Shriver & Jacobson, Goulston & Storrs, Adler & Stachenfeld, and Troutman Pepper Locke.
About BXP
BXP, Inc. (NYSE: BXP) is the largest publicly traded developer, owner, and manager of premier workplaces in
About Albanese Organization, Inc.
Albanese Organization, Inc. (“Albanese”) is a 75+ year, privately held, full-service real estate firm dedicated to creating commercial and residential buildings of distinction, quality and architectural merit that optimize value, are environmentally responsible, and enhance the communities in which they are located. 290 Coles is Albanese’s second development in the
About CrossHarbor Capital
CrossHarbor Capital Partners is a leading real estate investment manager offering a multi-strategy investment platform providing investors with broad access to opportunities across property types, geographies, and the capital structure. With an investment track record of over
This press release contains forward-looking statements within the meaning of the Federal securities laws. You can identify these statements by our use of the words “future,” “will,” “would,” “expects,” “intends” and similar expressions that do not relate to historical matters. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond BXP’s control. Should one or more of these known or unknown risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may differ materially from those expressed or implied by the forward-looking statements. These factors include, without limitation, the joint venture’s ability to complete the redevelopment project within budget, on schedule or at all, the uncertainties of real estate development activity, the joint venture’s ability to lease any of the space in completed building on favorable terms, on schedule, or at all, other difficulties or delays related to the leasing of the building, the risks associated with our investments in joint ventures, and other risks and uncertainties detailed from time to time in BXP’s filings with the SEC. BXP does not undertake a duty to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250306066567/en/
BXP
Heather Betz
hbetz@bxp.com
BerlinRosen
bxp@berlinrosen.com
Source: BXP, Inc.
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