BXP Forms Joint Venture with Albanese Organization and CrossHarbor Capital to Develop 290 Coles Street in Jersey City, New Jersey
National developer reveals plans for a residential development along the downtown waterfront
BXP (NYSE:BXP), the largest publicly traded developer, owner, and manager of premier workplaces in the United States, today announced that on March 5, 2025, it completed the formation of a joint venture to develop 290 Coles Street, a full-block, 1.75 acre site between Coles Street, Jersey Avenue, and 16th and 17th Streets in Jersey City, New Jersey. The property will be developed into a 670-unit market-rate residential project offering panoramic views of the Hudson River and Manhattan skyline.
BXP and its partners will execute the approximately $400M development through a newly formed joint venture with CrossHarbor Capital ("CrossHarbor") and Albanese Organization and its partner (collectively, "Albanese"). BXP owns a 19% common equity interest in the venture, Albanese owns a 14% common equity interest, and CrossHarbor Capital owns the remaining 67% common equity interest. BXP will also provide $65M in preferred equity as additional project funding. BNY, as Administrative Agent and Arranger, led the financing of a $225M senior secured construction loan in a three-bank deal that includes U.S. Bank National Association and Banco Bilbao Vizcaya Argentaria as Co-Syndication Agents.
"We're excited to partner with Albanese Organization and CrossHarbor Capital to expand our residential portfolio to include 290 Coles," said Hilary Spann, EVP, New York Region at BXP. "The project will add highly desirable housing with standout amenities in a vibrant neighborhood. Located minutes from Manhattan, 290 Coles underscores our commitment to intelligent design, great location, and the seamless integration of living and working."
"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 Jersey City, which has seen significant demand and investment."
"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 Jersey City market. With BXP's and Albanese's development expertise, we look forward to leveraging our combined strengths to create a well-located, top-tier property that will enhance the neighborhood and help meet the rising demand for Class A multifamily housing."
Co-Developers BXP and Albanese will oversee development of the site into a 670-unit residential development. Located along the downtown Jersey City waterfront in the SoHo West neighborhood, the market-rate development will include an 8-story podium and two towers at 14- and 22-stories, more than 350 parking spaces, and 13,000 square feet of ground-level retail.
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 Jersey City and Hoboken. Once complete, residents of the development will have access to over 70,000 square feet of indoor and outdoor amenities, including co-working spaces, a fitness center, courtyard and terraces, outdoor pool, indoor-outdoor rooftop sky lounge with views of Manhattan, a pet spa, chef's kitchen, and children's playroom.
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 the United States, concentrated in six dynamic gateway markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. BXP has delivered places that power progress for our clients and communities for more than 50 years. BXP is a fully integrated real estate company, organized as a real estate investment trust (REIT). As of December 31, 2024, BXP's portfolio, including properties owned by unconsolidated joint ventures, totaled 53.3 million square feet and 185 properties, including seven properties under construction or redevelopment. For more information, visit www.bxp.com or follow us on LinkedIn or Instagram.
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 Downtown Jersey City waterfront market, following its success with the 482-unit development, The Hendrix. For more information, visit www.albaneseorg.com.
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 $34 billion since it was founded in 1993, the firm currently has $10.2 billion in assets under management in several investment programs along the risk-return spectrum. Through its nation-wide, relationship-driven origination platform, disciplined investment approach, and highly experienced team of professionals, CrossHarbor seeks to generate consistent, risk-adjusted outperformance while focusing on capital preservation. In 2009, CrossHarbor acquired the Yellowstone Club in Big Sky, Montana out of bankruptcy proceedings, turning it into one of the world's premier destinations. Its subsequent Big Sky investments are managed through its subsidiary, the Lone Mountain Land Company. CrossHarbor is based in Boston with offices in Chicago, Los Angeles, and Big Sky. For more information, please visit www.CrossHarborCapital.com.
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.
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