Lefrak Org. to build waterfront office tower for PaineWebber.Completing one of the largest and most impressive series of commercial real estate transactions, the Lefrak Organization recently announced the signing of a lease with UBS AG UBS AG (NYSE: UBS; SWX: UBSN; TYO: 8657 ) is a diversified global financial services company, with its main headquarters in London and New York. It is the world's largest manager of private wealth assets,, "the world's biggest manager of other people's money"[1] , the parent company of PaineWebber, for a 1.2-million SF tower to be built at Newport, the 600-acre, multi-use Hudson River Hudson River River, New York, U.S. Originating in the Adirondack Mountains and flowing for about 315 mi (507 km) to New York City, it was named for Henry Hudson, who explored it in 1609. Dutch settlement of the Hudson valley began in 1629. waterfront community in Jersey City being developed by Lefrak. The announcement follows a similar decision made by J.P. Morgan Chase & Co. in July 2000 to lease and occupy two new office towers at Newport (totaling 1.1 million SF), underscoring the transformation of what were once dilapidated rail yards and deteriorating piers into one of the premier destinations for businesses and residents in the metropolitan area. Construction of the new 32-story flagship PaineWebber tower is to begin in early 2001, with completion scheduled for late 2002. "This is both the realization of a dream -- fulfilling a vision I had years ago when I first saw what Newport could be -- and a spectacular affirmation of this vibrant new community rising on the West bank of the Hudson River," said Samuel J. LeFrak Samuel J. LeFrak (1918- April 16, 2003) was a noted housing developer who chaired a private building firm, The LeFrak Organization, which had revenues of $2.8 billion, as of 1999. The LeFrak Organization was also ranked 45th on the Forbes list of top 500 private companies. , chairman of the Lefrak Organization. "The reality is that as free enterprise builders and developers we are able to meet the growing demand by corporations and residents for all that Newport has to offer." Located at 480 Washington Boulevard The following roads are named Washington Boulevard:
The PaineWebber signing completes the first phase of the five million SF of class "A" office space that was available for development at the Newport community. "Newport has had extraordinary success in attracting world-class tenants like PaineWebber, J.P. Morgan Chase & Co., U.S. Trust, Cigna, and Insurance Services Office Insurance Services Office, Inc. (ISO) is a provider of data, underwriting, risk management and legal/regulatory services to property-casualty insurers and other clients. Headquartered in Jersey City, New Jersey, the organization serves clients with offices throughout the United ," said Richard LeFrak, president of the Lefrak Organization. "Newport's seven class "A" office buildings are completely leased. Three million SF were leased during the past 24 months." Cushman & Wakefield's brokers in the transaction were James Coleman, an executive director; Charles R. Borrok, vice chairman; Edwin H. Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. and Joshua N. Kuriloff, executive directors, and Paul Aschkenasy. Charles Nobs, executive vice president and director of corporate services for PaineWebber said, "Newport is an ideal address for our New Jersey-based expansion needs and workforce, matching superb quality and transportation access. This announcement is further evidence of our successful partnership with the LeFraks, who are highly-valued clients of our company, as well as world-renowned developers." Designed by the architectural firm of Kohn Pedersen Fox Kohn Pedersen Fox Associates (also known by the acronym KPF)is a leading international architectural design firm located in New York City providing urban design and master planning for public authorities and private companies. Associates, the PaineWebber Building's glass curtain wall will reflect the sky and the Hudson River. "The PaineWebber Building will have commanding panoramic views of the harbor and Wall St.; and Wall Streeters will have a clear view of this trophy building," said Duncan Reid, senior associate principal of Kohn Pedersen Fox. "It's designed to make a defining statement marking the success of Newport and Jersey City." The interior will feature 46,000 SF, column-free floors, a marble and granite lobby, state-of-the-art redundant fiber optic telecommunications systems, and indoor parking facilities. Conveniently located in close proximity to other Paine Webber offices remaining in New Jersey and New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Newport offers a wide variety of commuting options. It is accessible by PATH (Pavonia/Newport Station,), ferries, major highways, and the Hudson/Bergen Light Rail Transit The name Light Rail Transit is used by the following specific light rail systems, either as an official name or otherwise:
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