SJP Properties will start work on the third and final stage of its Waterfront Corporate Center in Hoboken, NJ, this fall after signing global learning giant Pearson as an anchor tenant.
At a press conference at the site yesterday (Tuesday) SJP president Steve Pozycki and Pearson boss Rich Glicin announced that the text book publisher would lease 200,000 s/f and relocate hundreds of New Jersey employees to a new, state-of-the-art office building on Hoboken’s waterfront.
The building will be erected on the final site within Hoboken’s 26-acre waterfront, mixed-use master plan as the last phase of SJP’s 1.5-million-square-foot, three-building office and retail complex.
The deal comes after New Jersey’s Economic Development Authority awarded Pearson an $82 million tax break to stay in the Garden State rather than relocate elsewhere.
“Pearson’s decision to stay is just one of many examples where we’ve successfully intervened to keep and create jobs in New Jersey,” said Lt. Gov. Kim Guadagno during Tuesday’s press conference.
“The Christie-Guadagno Administration’s policy of assertively protecting and pursing jobs for New Jerseyans is a major reason why the New Jersey Comeback is underway.”
Pearson will occupy five floors starting in 2014 and is relocating approximately 900 employees from its current offices in Upper Saddle River and Old Tappan, N.J.
Glicini said, “We extend our gratitude to the Governor and Lt. Governor for the State’s investment, as well as the support of the New York and New Jersey Port Authority, in our choice of this Hoboken location.
“Together along with our partner, SJP Properties, we are creating a green and affordable waterfront home for our world-class workforce and investing in the technology essential to Pearson’s mission to foster learning and achievement around the globe.”
The 14-story office building is designed for LEED Silver Certification and incorporates features such as floor-to-ceiling glass windows that permit natural light. Construction is scheduled to commence in fall of 2012 and will be completed in summer of 2014. The development will create more than 600 construction jobs.
“Waterfront Corporate Center III will be developed to incorporate the most advanced green technology and state-of-the-art features among any new commercial development in the region, providing Pearson with a high-performance work environment to support its business operations,” stated Pozycki.
“Hoboken affords all of the amenities that today’s modern corporations demand in order to attract and retain talent and maintain their competitive edge, from unparalleled access to multiple transportation modes, to an abundance of shopping, dining and entertainment opportunities.”
The Waterfront Corporate Center office complex is located next to the W Hotel and steps from the Hoboken Terminal, which offers NJ Transit trains and buses, PATH service, light rail and water ferries to New York City.
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, the building has New York City and Hudson River views, and features flexible, efficient floor plates. Of the additional space, 25,000 s/f has been allocated for retail use; SJP is currently marketing the remaining availabilities.
Richard Berzine and Robert DeAngelis of Richard Berzine & Company, along with Jones Lang LaSalle managing director Dan Loughlin, executive vice president James Montanari and vice president Aaron Ellison, represented Pearson in the transaction. SJP Properties was represented in house.
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 of space, which is home to such lcorporations as John Wiley & Sons, Marsh and McLennan, Sumitomo Trust and Banking, Mizuho Securities, Thomson Reuters and Octapharma.