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NEW YORK - BXP (NYSE: BXP), a prominent player in the Office REITs industry with a market capitalization of nearly $12 billion and impressive revenue growth of 4.45% over the last twelve months, has formed a joint venture to develop a new residential project at 290 Coles Street in Jersey City, New Jersey. According to InvestingPro analysis, the company currently shows a FAIR financial health score, suggesting stable operational performance. The venture, announced on Monday, includes CrossHarbor Capital and the Albanese Organization, with the project slated to include 670 market-rate residential units with views of the Hudson River and Manhattan skyline.
The joint venture outlines BXP’s 19% common equity interest, Albanese’s 14%, and CrossHarbor Capital’s 67%. In addition to its equity stake, BXP will contribute $65 million in preferred equity. The company’s strong financial position is reflected in its consistent dividend payments, which it has maintained for 28 consecutive years, currently offering investors an attractive 5.79% yield. Financing for the project includes a $225 million senior secured construction loan arranged by BNY with U.S. Bank National Association and Banco Bilbao Vizcaya Argentaria as Co-Syndication Agents.
The development, located in the SoHo West neighborhood of downtown Jersey City, will feature an 8-story podium and two towers, one 14 and the other 22 stories, over 350 parking spaces, and 13,000 square feet of ground-level retail space. The site is near the Hoboken Terminal and other transit options, and once completed, will offer residents access to over 70,000 square feet of amenities.
Construction is managed by K L Masters Construction Company, with a team including Marchetto Higgins Stieve Architecture and other consulting firms. The project is expected to be completed in early 2028.
Hilary Spann, EVP, New York Region at BXP, expressed enthusiasm for the project, emphasizing the commitment to intelligent design and the integration of living and working spaces. Chris Albanese, President of Albanese, and Tom Stevens, Partner and Co-Portfolio Manager at CrossHarbor Capital, both highlighted the partnership’s strength and the potential of the Jersey City market.
This development is part of BXP’s portfolio, which totals 53.3 million square feet across six major U.S. markets. The Albanese Organization brings experience from its previous successful development in the area, The Hendrix.
The information for this report is based on a press release statement.
In other recent news, Boston Properties reported its fourth-quarter earnings for 2024, revealing a significant shortfall in earnings per share (EPS) compared to market forecasts. The company posted an EPS of -$1.45 against an expected $0.48, although revenue exceeded projections, coming in at $858.6 million versus the forecasted $836.85 million. Despite the earnings miss, Boston Properties demonstrated robust revenue growth in 2024, with a 4% increase year-over-year. The company’s portfolio occupancy improved by 50 basis points to 87.5%, and leasing activity was strong, with 5.6 million square feet leased in 2024, a 35% increase from the previous year.
Additionally, KeyBanc analyst Upal Rana maintained a Sector Weight rating on Boston Properties, noting expectations of declining occupancy rates through the first half of 2025 due to large tenants moving out. However, the situation is anticipated to stabilize and potentially improve in the second half of the year as new leasing activity picks up. Rana also highlighted that Boston Properties’ development pipeline is expected to expand due to the recent completion of several projects. However, there is a risk if leasing does not keep pace, potentially leading to underperformance as the year advances.
Looking ahead, Boston Properties provided guidance for 2025, with funds from operations (FFO) expected between $6.77 and $6.95 per share. The company anticipates modest increases in leased square footage and meaningful growth potential in 2026-2027, supported by a development pipeline of approximately 2.3 million square feet.
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