SJP Properties Archives

Biopharma company signs lease in Bridgewater

Lexicon Pharmaceuticals is already based in Somerset County, but it’s making the move from Basking Ridge to Bridgewater.

SJP Properties announced Sept. 12 it signed a lease with the biopharmaceutical company for 20,000 square feet of office space at the Somerset Corporate Center 1.

The New York City-based firm said its project and construction management division, SJP Project Solutions, will complete a custom build-out of the new space to accommodate Lexicon‘s unique needs. The Texas-based pharmaceutical company develops disease treatments using gene science that is based on Nobel Prize-winning tech.

Lexicon is set to occupy the new space no later than the first quarter of 2023, according to SJP, joining the likes of other tenants at the complex, including Qualcomm, Oracle, Cognizant, iconectiv, Merrill Lynch, Messer, Life Time Work, Bausch Health, Mazda, Caliber and Kering Eyewear.

Savills Vice Chairman and Rutherford Branch Manager Gregg Najarian and Rutherford Corporate Managing Director Slava Vaynberg represented Lexicon in the transaction.

“Somerset Corporate Center is perfectly situated to attract top talent from the surrounding area given its unparalleled highway access,” said Alexander Erdos, senior vice president – Leasing & Marketing, at SJP Properties, in a statement. Lexicon currently occupies 110 Allen Road in Basking Ridge. Which offers prime access to Interstate 78, but cannot contend with the accessibility the Bridgewater office boasts.

Somerset Corporate Center in Bridgewater. – SJP PROPERTIES

Somerset Corporate Center is comprised of five Class A buildings – for a total 1.2 million square feet – surrounding a landscaped park. In addition to Interstate 78, the location also offers access to Routes 202/206 and 22, in all directions, as well as Interstate 287.

“Labor is key for established life science companies such as Lexicon, and they also recognize the importance of ownership quality as it correlates directly to tenant experience,” Erdos added.

The complex offers a shuttle to the nearby Somerville train station, which provides service to Manhattan via a transfer at Newark Penn Station.

SJP’s repositioning of the property included the integration of lifestyle amenities to transform the campus into a work-play-stay destination. Among those features: a 170,000-square-foot Life Time athletic facility, Tommy’s Tavern + Tap restaurant, and a 150-room AC Hotel by Marriott that features rooftop bar, restaurant and lounge The Bradford. Also nearby is the 1 million square-foot Bridgewater Commons Mall.

SJP: Siemens signs on for 65K square feet at Metropark

SJP Properties completed renovates at 200 Wood Ave. S. in Iselin in May 2021. - SJP PROPERTIES — SJP Properties completed renovations at 200 Wood Ave. S. in Iselin in May 2021. – SJP PROPERTIES

Industrial technology company Siemens will take up residence at Metropark, SJP Properties announced June 14, expanding its presence at the Iselin campus.

Siemens signed on for 200 Wood Ave. S, where its 65,500-square-foot space will undergo a customized build-out by SJP Project Solutions — the third-party construction management platform of SJP — to accommodate the international company’s multi-division workforce.

According to SJP, Siemens is set to start occupying the space at the end of the third quarter.

CBRE Vice Chairman Jeff Babikian represented the tenant in the transaction, while First Vice President Wes Moore, also with CBRE, represented SJP.

“In an environment where companies are fiercely competing for talent, 200 Wood Ave. S. is attracting growing, world-class institutional tenants that see this building as an asset in their ability to recruit and retain a top-notch workforce,” said SJP Properties Senior Vice President – Leasing & Marketing Alexander Erdos in a statement. “Forward-thinking companies such as Siemens are a prime example of the interest we’re seeing in not just Metropark, one of the strongest and most ideally located submarkets in New Jersey, but also in this particular property with its top-of-the-line amenities, outdoor spaces, work areas, and infrastructure.”

One of a kind

Looking for something special? SJP said it crafted a landscaped, open green space — according to the firm, the only like it in the Garden State — at 200 Wood Ave. S. for those in search of a private outdoor area for employees. The plot is available exclusively for a future tenant to customize into a private patio, outdoor lounge, dining area or garden conferencing space using the owner’s build-out capabilities.

Other companies — including a national insurance carrier, international transport company DSV, and global financial services company Crédit Agricole — have been attracted to the property as well, which boasts a strategically placed located near to major highways and other transportation options on top having recently undergone a full suite of both interior and exterior renovations since SJP acquired 200 Wood Ave. S. in 2020. Those upgrades include a brand-new lobby; a fitness center; collaborative common areas; landscaped, outdoor meeting spots; an onsite dining area; and ample parking.

As part of its property management plan, SJP said it also provides its “signature” hospitality and concierge services at the 270,000-square-foot property.

“The level of leasing activity we’ve seen at 200 Wood Avenue not just today, but throughout the pandemic, is a case study in what companies are seeking for their employees and base of operations,” Erdos said.

Siemens Technology’s North American headquarters is in Princeton while Siemens Financial Services Inc. occupies space at 170 Wood Ave. S. in Iselin. The company said it employs more than 2,100 people in the Garden State.

According to SJP, leasing opportunities are still available at 200 Wood Ave. S.

SJP Project Solutions reveals initial renovations for McCarter & English (slideshow)

Looking to match its Newark office to the new realities of work, McCarter & English engaged SJP Project Solutions to help reimagine the law firm’s five-floor, 100,000-square-foot workspace.

On March 21, the third-party construction and project management segment of SJP Properties announced it completed the first and second phases of work for McCarter & English at Gateway Center in Newark.

According to SJP Project Solutions, the project is expected to be complete by the fourth quarter of 2022. That includes the creation of an open, glass-walled office with floor-to-ceiling windows that SJP says echoes McCarter & English’s forward-thinking business model and relationship-driven approach.

The design also includes additional open space for leisure and new Class A amenities.

“Throughout the restacking of our five floors at the Gateway Center, the commitment and professionalism of the SJP Project Solutions Team has been exemplary,” McCarter & English Director of Office Services Michael Schetlick said in a statement. “We know we can continue to rely on their continued expertise and dedication to the complete transformation of our Newark location.”

SJP Project Solutions said it is working with Francis Cauffman Architects, engineering consultant Robert Derector Associates and Newmark’s project management team to complete the restacking.

“SJP’s ability to drive competitive pricing in the marketplace for construction services, and our unblemished track record executing projects of this scale and complexity — regardless of market conditions — make us the ideal partner to help McCarter & English realize the firm’s vision for its Newark office,” said Andrew Natale, COO of SJP Properties. “We have both the project staff to support these kinds of builds and decades of success executing similar complex projects across Newark for clients such as Prudential, Panasonic and KS Engineers. We’re pleased to continue growing Project Solutions’ reputation in the market as a specialty construction practice at the forefront of offering next-generation office space and unique solutions for corporate locations across the New York Metropolitan area and beyond.”

In Nutley, SJP Project Solutions was chosen to lead build-out for Eisai’s new headquarters at ON3. Over the past year, the team has executed projects for TIAA at Metropark, in addition to multiple other projects in New Jersey and New York.

Valley National Bank making HQ move to Morristown, SJP Properties says

Demolition is underway to transform a series of vacant structures in Morristown into the future headquarters for Valley National Bank.

SJP Properties, in partnership with Scotto Properties, announced the start of work on the project on March 1. A groundbreaking will take place this spring and completion of the project is slated for March 2023, at which time Valley is expected to bring more than 600 professionals to the space in downtown Morristown.

“As Valley continues to evolve into a forward-thinking financial institution, we view Morristown as the ideal location for our immediate and long-term future,” said Valley CEO Ira Robbins in a statement. “Having partnered with and supported many Morristown organizations and nonprofits over the years, we are excited to establish a permanent home within this vibrant community.”

The bank will make the move from Wayne. Its new space in Morristown will offer approximately 120,000 square feet of office space with abundant natural light from floor-to-ceiling windows that also offer skyline views, according to SJP.

“SJP Properties has a proven track record of creating and operating exceptional workplaces that propel the success of the businesses that occupy them — making them the perfect partner to envision and build our new base of operations,” Robbins added.

The work will replace the string of vacant structures across five lots on Speedwell Avenue into a new property geared toward today’s workforce, and designed to achieve LEED certification. SJP said it collaborated with global architecture firm Gensler to envision the new base for the bank, which is a modern interpretation of historic Morristown’s tradition of masonry.

A rendering for Valley National Bank's new headquarters, coming to Speedwell Avenue in Morristown. — A rendering for Valley National Bank’s new headquarters, coming to Speedwell Avenue in Morristown. – GENSLER

“As today’s recruiting market becomes increasingly competitive, it’s critical to create a workplace environment that excites and encourages professionals to come to the office,” said SJP Properties CEO Steve Pozycki. “Having a beautiful yet flexible office design that promotes health and wellbeing, offers access to the outdoors, and is integrated within a vibrant community is no longer a perk — it’s a requirement.”

Operable glass walls will open to three outdoor terraces to bring the outside into the workplace. On the ground floor, a lobby with “soaring” ceilings — and 14,500 square feet of retail space, a portion of which will host a Valley retail banking branch — will welcome visitors to the space.

“With this latest office development in Morristown, we saw the opportunity to leverage the features that make the town a desirable place to work and live, while creating a high-performance headquarters for Valley’s professionals, who will further invigorate the downtown district as they become part of the local community fabric,” Pozycki said.

This marks the second corporate headquarters SJP Properties has brought to the city in the past two years, after signing Deloitte as the anchor tenant for M Station.

Valley Bank’s new home will be situated across the street from the recently renovated Hyatt Hotel — whose renovations also embraced Morristown history — Top Golf, and 1776 On the Green restaurant.

Newmark Vice Chairman David Simson represented Valley in its new headquarters lease.

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

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.

Waterfront Corporate Center in Hoboken. – SJP PROPERTIES

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.

SJP signs national insurance carrier for newly repositioned Metropark property

Reflecting the success of SJP Properties’ program to reposition the property for the needs of the modern workforce – with a combination of state-of-the-art infrastructure, indoor and outdoor amenities, and purpose-built workspaces – the firm announced Tuesday that a national insurance carrier signed a lease for 21,010 square feet at 200 Wood Ave. S. in Iselin.

The unnamed carrier committed to a long-term lease at Metropark’s 200 Wood Ave. S. due to the building’s unique attributes and SJP’s superior concierge management and project management capabilities, SJP said. It will occupy the new space in the first quarter of 2022.

The office location is in addition to the company’s existing Manhattan headquarters.

Blake Goodman and Erin Moran of JLL represented the tenant in the transaction, while Wes Moore of CBRE represented SJP.

SJP Project Solutions, SJP’s third-party construction management platform, will execute a custom interior build-out to accommodate the tenant’s workforce.

200 Wood Ave. S. in Iselin - SJP PROPERTIES — 200 Wood Ave. S. in Iselin – SJP PROPERTIES

The build-out will include the creation of private offices, executive offices with views of the redeveloped campus, collaborative spaces for employees, and custom glass office fronts throughout, as well as the installation of modern LED linear light fixtures. The space will also feature high finished ceilings made possible by the slab-to-slab heights of the existing interior, with an open ceiling in the office lobby to accentuate both the building’s historic architecture and its concrete waffle slab construction entrance.

“This provider of insurance solutions joins a growing list of prestigious companies that have selected 200 Wood Ave. S. for its standout combination of headquarters-quality office space and exceptional amenities, all within the Metropark submarket that makes commuting convenient to points both north and south,” said Alexander Erdos, senior vice president – Leasing and Marketing at SJP Properties. “We’ve had an overwhelmingly positive response to this property as more companies seek out opportunities for their teams to occupy world-class office environments in strategic, transit-oriented locations.”

SJP acquired 200 Wood Ave. S. in early 2020 and executed a comprehensive strategy to reposition it, paying homage to its postmodernist architecture with a complete interior and exterior renovation, as well as new building systems and indoor/outdoor lifestyle amenities.

The company’s employees will enjoy the building’s brand new lobby, state-of-the-art fitness center, collaborative common areas, including landscaped outdoor meeting areas, nationally recognized food operators within the on-site dining area, and ample on-site parking. SJP is also providing its signature hospitality and concierge services as part of its property management offering.

Spanning 270,000 square feet, 200 Wood Ave. S. offers the ability to attract and retain New Jersey’s top talent where the labor markets converge. It is within walking distance to the Metropark Train Station, which offers New Jersey Transit and Amtrak Acela services. 200 Wood Ave. S. is also conveniently located near the cross-sections of Lincoln Highway, Middlesex Turnpike, and the Garden State Parkway.

JLL completes 13,600-SF lease in Hoboken

Waterfront Corporate Center III in Hoboken. – SJP PROPERTIES

JLL said Sept. 27 it recently completed a 15-year, 13,588-square-foot lease for Cresthill Academy on behalf of SJP Properties at Waterfront Corporate Center II in Hoboken.

Senior Vice President Marta Villa represented the landlord, SJP Properties, and Senior Associate Blake Shanaphy represented the tenant, Cresthill Academy, in the transaction.

Cresthill Academy offers fresh organic meals and snacks made by its affiliate catering company, Purely Plated Organic, and provides Mandarin Chinese, Spanish and sign language classes starting at infancy.

Located at 121 River St., Waterfront Corporate Center II is a 520,000-square-foot, Class-A office and retail building featuring floor-to-ceiling glass windows with vast New York City and Hudson River views.

The property is part of a three-building waterfront complex developed by SJP Properties that comprises 1.5 million total square feet of headquarters-quality commercial space. Surrounded by restaurants and shops, the complex sits adjacent to the W Hoboken Hotel and is just steps from Hoboken Terminal’s New Jersey Transit, PATH, NY Waterway Ferry and Light Rail connections.

“Waterfront Corporate Center II is the perfect solution for Cresthill Academy, providing ample space in a dynamic location with direct connectivity to Manhattan and all of New Jersey,” said Villa. “Waterfront Corporate Center II provides superior quality space amid abundant neighborhood amenities.”

Alexander Erdos, senior vice president — leasing and marketing, SJP Properties. — Erdos

In addition to Cresthill Academy, Waterfront Corporate Center houses on-site, state-of-the-art fitness center Crunch Fitness, as well as Del Frisco’s Grille, Wicked Wolf restaurant and Gregorys Coffee, among other retailers. The complex’s office tenants – which include EY, Marsh & McLennan, Newell Brands, Walmart and Pearson – benefit from proximity to downtown Hoboken’s renowned amenities, as well as two piers that have been converted into water-surrounded recreational parks and a tree-lined boulevard.

“With unmatched access to public transportation, and so many neighborhood amenities and services in the immediate vicinity, Waterfront Corporate Center is ideal for Cresthill, which does the Hoboken community a great service by offering exceptional daycare and early education for area families,” said Alexander Erdos, senior vice president – Leasing & Marketing at SJP Properties. “Hoboken remains one of the Hudson River waterfront’s most sought-after submarkets, and we’re proud to continue our track record in this market of leasing to community-enhancing companies and businesses seeking exceptional space for their employees, clients and customers.”

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