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Mitsui Fudosan buys majority stake in Hoboken office tower

Mitsui Fudosan America, the U.S. arm of Japanese developer Mitsui Fudosan Co., has bought a majority ownership stake in Waterfront Corporate Center III in Hoboken, New Jersey.

Photo via SJP Properties website
Photo via SJP Properties website

The deal, the terms of which remain undisclosed, creates a partnership between Mitsui Fudosan and SJP Properties, which developed and managed the building.

This is not the first time that Mitsui Fudosan and SJP have formed a joint venture. The two firms jointly bought 208 Amsterdam Avenue on the Upper West Side for $275 million last year. They have since proposed a 670-foot residential tower on the site. If the Department of Buildings approves the plan, it would result in the tallest building in the neighborhood.

“We’re pleased to expand our already strong relationship with Mitsui Fudosan America by welcoming them as our partners in this best-in-class asset,” said Steven J. Pozycki, CEO of SJP Properties. “As evidenced by the tremendous success of our leasing program at the property, Waterfront Corporate Center has positioned itself as the pre-eminent business complex in the Hudson waterfront market, providing a rare combination of technology, amenities and accessibility that appeals to today’s leading companies.”

Waterfront Corporate Center III, which was delivered last year, is located on Hoboken’s 26-acre waterfront. The building was fully leased 14 months after completion to tenants that include Pearson Education, Newell Brands, NICE Systems, Jet.com and Del Frisco’s Grille.

“We are excited to expand our footprint along the Hudson River, into New Jersey,” said John Westerfield, Mitsui Fudosan’s CEO.

“Waterfront Corporate Center III is New Jersey’s highest-quality and most recently developed office building, and we look forward to joining and enhancing the already thriving community that exists there.”

Mitsui Fudosan is currently developing 55 Hudson Yards with Related Companies and Oxford Properties. Mitsui Fudosan owns 92.09 percent of the $1.4 billion project. The tower is already 50 percent pre-leased, according to a company press release. Tenants include law firms Boies Schiller, asset management firm Point72 and electronic trading firm MarketAxess. The building is expected to be delivered in 2018.

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