SJP Properties today broke ground on a new 500,000 s/f office and retail building that will house the US headquarters of the Pearson learning company.
Waterfront Corporate Center III is located on the final site of a 26-acre waterfront, mixed-use master planned neighborhood in Hoboken, NJ.
SJP Properties is developing the building in partnership with USAA Real Estate Company. Pearson, which earlier this year signed a 200,000 s/f lease at the property, will be the site’s lead tenant.
The 14-story building, designed as New Jersey’s only waterfront Leadership in Energy and Environmental Design (LEED) Silver certified office building, is the last phase of SJP’s 1.5-million-square-foot, three-building office and retail complex.
The company is currently marketing the building’s available office space on floors seven through 14, consisting of 275,000 s/f.
“Job creation and business retention have been an important focus of the Christie Administration and the commencement of construction on this significant building is a testament to the state’s unwavering commitment to growing businesses in the Garden State,” said New Jersey Lt. Governor Kim Guadagno.
“Today’s achievement demonstrates that New Jersey’s highly skilled labor force and vibrant city centers are continuing to attract significant investment to the benefit of the entire state.”
Hoboken Mayor Dawn Zimmer stated: “Welcoming a world-class corporate neighbor such as Pearson is a tremendous boon for Hoboken and will add to both the economic engine and the vitality of our community.”
Pearson, which is relocating approximately 900 employees from its current offices in Upper Saddle River and Old Tappan, N.J., will occupy five floors of Waterfront Corporate Center III starting in 2014, when the building is scheduled for completion.
Richard Berzine & Company and Jones Lang LaSalle represented Pearson in the lease transaction. SJP Properties was represented in house.
The development, located at 221 River Street, is expected to create more than 600 construction jobs. PNC Real Estate is providing construction financing for the building, along with co-lenders U.S. Bank and Peoples Bank.
“Waterfront Corporate Center III is a continuation of our long-standing history developing premier, build-to-suit developments in prime locations that offer all of the latest technology and sustainability features that today’s leading-edge companies demand,” stated Steven J. Pozycki, Chairman and CEO of SJP Properties.
“With more than $1 billion in development projects currently under construction throughout New Jersey, SJP Properties is incredibly proud to continue playing a significant role in creating much-needed construction jobs and attracting economic growth in the state, and we look forward to delivering on the creation of an unparalleled business address for Pearson.”
The Waterfront Corporate Center office complex is located next to the W Hotel and is within steps of the Hoboken Terminal, and is within a few minutes drive to both the Holland and Lincoln tunnels.
As part of the development, SJP is constructing a 200-car underground garage for direct covered access parking, and tenants will be afforded access to a fitness center in the adjacent Waterfront Corporate Center II, among other amenities.
Designed by HLW International architects, Waterfront Corporate Center III will feature state-of-the-art air quality controls, full-time building security, interior loading, and 10 passenger elevators, as well as efficient floor plates and floor-to-ceiling glass. Of the additional space in the building, 25,000 s/f has been allocated for retail use.
First constructed in 2000, Waterfront Corporate Center has become Hoboken’s most successful mixed-use development.
The complex is currently comprised of more than one million square feet which is home to such leading corporations as John Wiley & Sons, Marsh and McLennan, Sumitomo Trust and Banking, Mizuho Securities, Thomson Reuters and Octapharma.
The Port Authority has invested more than $80 million in infrastructure improvements along the river, evidenced by two piers that have been converted into recreational parks and a tree-lined boulevard. The five-acre park at Pier A includes a pavilion and amphitheater space for tenant use. The two-and-a-half acre park at Pier C features a playground as well as a promenade at its eastern and a fishing pier.