SJP Properties acquires Hoboken’s Waterfront Corporate Center I (updated)

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SJP Properties developed the three-building Waterfront Corporate Center complex along the Hudson River in Hoboken over 12 years, completing work in 2014.

On Jan. 24, a partnership between SJP and David Werner Real Estate Investments announced it acquired 14-story Class-A office and retail building Waterfront Corporate Center I from Mack-Cali Realty Corp. (now Veris Residential), marking SJP’s return to full ownership and management of the entire 1.5 million-square-foot Waterfront Corporate Center.

Cushman & Wakefield’s Adam Spies, Andy Merin, Ben Lushing, Frank DiTommaso and David Bernhaut brokered the approximately $210 million sale, according to a person familiar with the transaction.

JLL Capital Markets’ Jose Cruz represented Veris.

The retail space at Waterfront Corporate Center I is fully leased with 100,000 square feet of office space available for lease across two floors. Senior Vice President – Leasing & Marketing Alexander Erdos serves as SJP’s in-house leasing agent for the building.

Office space at Waterfront Corporate Center II and III is fully leased, SJP said.

“What’s really exciting is that this is the first time since the completion and initial lease up of Waterfront Corporate Center that a 100,000-square-foot block of space has been available on a direct basis in any of the 1.5 million-square-foot complex’s three buildings,” said SJP Properties founder and Chief Executive Officer Steve Pozycki in a prepared statement. “This represents a tremendous opportunity for a company to establish a meaningful presence in Hoboken, which remains one of the top performing markets in the region by virtue of its exceptional transit access and vibrant, 24/7 lifestyle.”

Waterfront Corporate Center I is walkable to the Hoboken Terminal NJ Transit, PATH, NY Waterway Ferry and Light Rail connections and located adjacent to the W Hoboken Hotel.

Onsite parking is available, as well.

Waterfront Corporate Center is home to companies including EY, Newell Brands, Walmart and Wiley. Building III, according to SJP, is the only commercial asset on the New Jersey waterfront to achieve LEED Gold certification. The building is also WiredScore Gold certified.

The complex offers an onsite Crunch Fitness center, restaurants, a Jos A. Bank, FedEx and more. There is also access to three city piers that have been converted into recreational spaces and a boulevard.

“When you consider the market’s renewed focus on outdoor space, having direct access to the entire Hoboken waterfront just steps from the lobby is a huge selling point,” Pozycki added. “Companies are demanding our brand of best-in-class property management — an important offering to their current and prospective workforce as they return to the office — and we know this space is going to lease quickly.”

Editor’s note: This story was updated at 8:19 a.m. EST and 11:50 a.m. on Jan. 26, 2022, to include additional details regarding the transaction.