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Deals & Dealmakers

Marsh & McLennan renews 138,000 s/f lease with SJP Properties

SJP Properties announced that Marsh & McLennan has renewed its long-term lease at Waterfront Corporate Center II, one of three buildings within SJP’s mixed-use office and retail complex in Hoboken, N.J.

With the new lease in place, the global professional services firm, which has been a tenant of Waterfront Corporate Center II since 2002, will occupy 138,000 s/f at the building for the next 15 years.

Situated within the heart of Hoboken’s master-planned, pedestrian-friendly waterfront, Waterfront Corporate Center is the city’s most successful mixed-use development.

The three-building complex comprises 1.5 million square feet of Class A commercial space adjacent to the W Hoboken Hotel and steps from Hoboken Terminal’s NJ TRANSIT, PATH, NY Waterway Ferry and Light Rail connections.

The Newmark Grubb Knight Frank team of Tri-State President David Falk, Executive Managing Director Andrew Sachs, and Executive Managing Director Timothy Greiner represented Marsh & McLennan in the transaction, while SJP Properties was represented in-house by Executive Vice President Jeff Schotz and Senior Vice President Peter Bronsnick.

The lease with Marsh & McLennan comes on the heels of SJP’s announcement that EY, formerly Ernst & Young, has signed a new lease for 168,000 s/f of office space, also at Waterfront Corporate Center II.

“Marsh & McLennan’s decision to recommit to Waterfront Corporate Center for the long term was driven by the exceptional quality of the property, as well as the direct access it affords to numerous transportation options connecting to Midtown Manhattan, where the firm also has offices,” commented Steven J. Pozycki, CEO of SJP Properties.

“Waterfront Corporate Center continues to outperform the market as companies immediately recognize the superior quality and location advantages it affords, as well as Hoboken’s unparalleled shopping, dining and entertainment venues.”

In addition to Marsh & McLennan and EY, Waterfront Corporate Center’s tenant roster includes, NICE Systems, Newell Rubbermaid, Thomson Reuters, RMS, Octapharma, Pearson Education and workspace provider Regus.

The complex houses a fitness center, Crunch Fitness, as well as the Del Frisco’s Grille, Wicked Wolf restaurant, Jos A. Bank, FedEx, Chase Bank and Kiddie Academy.

SJP has incorporated energy-efficiency and air quality control features throughout to provide a healthier and more sustainable work environment for the tenants.

The Port Authority has invested more than $80 million in infrastructure improvements along the river, converting two piers into water-surrounded recreational parks and a tree-lined boulevard.

The five-acre park at Pier A includes an open lawn area, fountain, tree grove, 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 and fishing pier.

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