Beginning in the 1980s, development of the waterfront in an area previously occupied by rail yards and factories helped to stir the beginnings of a renaissance for Jersey City. The rapid construction of numerous high-rise buildings increased the population and led to the development of the Exchange Place financial district, also known as "Wall Street West", one of the largest financial centers in the United States. Large financial institutions such as UBS, Goldman Sachs, Chase Bank, Citibank, and Merrill Lynch occupy prominent buildings on the Jersey City waterfront, some of which are among the tallest buildings in New Jersey. Simultaneous to this building boom, the light-rail network was developed. With of office space as of 2011, it has the nation's 12th-largest downtown.