Media giant Thomson Reuters is expanding its Hoboken offices to 93,000 s/f in SJP Properties’ Waterfront Corporate Center II.
SJP announced this morning (Thursday) that Reuters will relocate 450 employees from New York City. The company is headquartered at 3 Times Square.
Joseph Cabrera and Tim Kuhn, formerly of Cushman & Wakefield, represented Thomson Reuters in the transaction. SJP was represented in-house by Senior Vice President Peter Bronsnick.
“The decision by Thomson Reuters to expand at Waterfront Corporate Center and relocate a large portion of its workforce to the complex can be attributed to Hoboken’s position as a premier transit hub that offers an unparalleled live-work-play environment,” commented Steven J. Pozycki, CEO of SJP Properties.
“This expansion will provide a considerable boon to the local and state economies, with the New Jersey Economic Development Authority estimating a net benefit to the State of $123 million from this transaction.”
Thomson Reuters signed a 72,000 s/f lease expansion at the building, one of three Class A office and retail buildings within SJP’s high-performance, mixed-use business complex in Hoboken, N.J.
SJP will oversee the build-out of Thomson Reuters’ expansion space. The company is expected to take occupancy of its new space during the third quarter of the year.
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 just steps from Hoboken Terminal’s NJ TRANSIT, PATH, NY Waterway Ferry and Light Rail connections.
The complex’s on-site amenities include a state-of-the-art fitness center for tenants. In addition to Thomson Reuters, several high-caliber corporations call Waterfront Corporate Center home, including Pearson, Marsh & McLennan and Octapharma.
SJP is currently constructing the third and final building within Waterfront Corporate Center, a 14-story, 550,000 s/f Class A building designed as New Jersey’s only waterfront Leadership in Energy and Environmental Design (LEED) Silver-certified office and retail building. Learning company Pearson will serve as the lead tenant of Waterfront Corporate Center III, being developed in partnership with USAA Real Estate Company.
Pearson will occupy 200,000 s/f of Waterfront Corporate Center III. SJP is marketing the remaining 275,000 s/f on the tower floors seven through 14. In addition to the office space, the ground level of the building will have approximately 25,000 s/f available for retail use.
SJP is also constructing a 200-car underground parking garage to provide direct covered access parking for the building.