Following last week’s news of Unilever’s planned move to SJP Properties‘ waterfront Hoboken office complex, the property secured another tenant to occupy a new, custom-built space.

Sumitomo Mitsui Bank signed a long-term lease for 30,000 square feet at Waterfront Corporate Center I, SJP shared exclusively with NJBIZ Sept. 5. The agreement for the ninth floor office at 111 River St. extends the trust and banking company’s tenancy at the property. SJP Project Solutions served as project and construction manager for the buildout of Sumitomo’s new office.

Having resided at the building for nearly 25 years, the company’s initial lease covered about the same square footage, according to a spokesperson for SJP. Following an approximately five-month buildout, Sumitomo recently began occupancy.

Newmark Managing Director Harrison Russell led negotiations for Sumitomo.

“Having previously leased at Waterfront Corporate Center I, Sumitomo was satisfied with the property as its ideal strategic location and simply wanted to relocate within the same building for a seamless transition,” Russell commented. “The company is pleased with its move within the building and is confident that this new space will provide the ideal environment for operational continuity.”

Tailoring to tenants

According to its website, developer SJP Project Solutions, a division of vertically integrated SJP Properties, has completed more than 25 million square feet of development and $1.5 billion in interior fit-outs.

“The SJP Properties team is proud to support Sumitomo Mitsui Trust Bank in its move to the ninth floor of Waterfront Corporate Center I,” said Alexander Erdos, senior vice president – Leasing and Development, SJP. “This project exemplifies our commitment to delivering tailored solutions that meet the unique needs of our tenants.

“We are pleased to have facilitated this transition and are confident that the new space will provide Sumitomo with an environment that fosters both operational efficiency and continued growth. SJP is thrilled to continue its long-term relationship with Sumitomo,” Erdos added.

Sumitomo’s recommitment comes as office spaces in walkable and accessible areas continue to draw corporate occupiers despite a less active, struggling sector.

The Waterfront Corporate Center offers direct access to Hoboken Transit Terminal as well as to the PATH and New York Waterway Ferry. Spread across three buildings, the 1.5 million-square-foot property includes offers Class A office and retail space.

SJP took over control of the entire complex at the start of 2022, after previously developing it over more than a decade. Since, Hain Celestial has relocated its headquarters to the site (from Long Island), joining tenants including Lipton, Walmart, Newell Brands and others.

New York-based SJP has also had success in Morristown. There Valley National Bank began occupancy of its brand-new, 120,000-square-foot headquarters in October.