HOBOKEN, NJ-SJP Properties has signed Thomson Reuters to an expansion of 72,000 square feet at its Waterfront Corporate Center II here. The company will relocate 450 employees from New York City.
The building the publisher occupies is one of three office/ retail buildings at SJP's waterfront complex. Thomson Reuters will now inhabit a total of 93,000 square feet at WCC II.
Joseph Cabrera and Tim Kuhn, formerly of Cushman & Wakefield, represented Thomson Reuters in the transaction. SJP was represented in-house by Peter Brosnick.
“The decision by Thomson Reuters to expand at Waterfront Corporate Center and relocate a large part 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,” said Steven J. Pozycki, CEO of SJP Properties.
“This expansion will provide a considerable boon to the local and state economies,” Pozycki predicted. The New Jersey Economic Development Authority, which awarded business incentives to facilitate the deal, has estimated a net benefit to the state of $123 million, he said.
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.
The Waterfront Corporate Center has a total of1.5 million square feet of Class A commercial space adjacent to the W Hoboken Hotel and close by Hoboken Terminal's NJ TRANSIT, PATH, NY Waterway Ferry and Light Rail connections.
Other large companies on the tenant roster include Pearson, Marsh & McLennan and Octapharma.
The third and final building is still under construction at the complex. The 14-story, 550,000-square-foot office has been designed to be the state's only waterfront LEED Silver-certified office and retail building. Learning company Pearson will serve as the lead tenant of WCC III, which is being developed in partnership with USAA Real Estate Company.
Pearson will occupy 200,000 square feet. SJP is marketing the remaining 275,000 square feet on floors seven through 14. The ground level of the building will have 25,000 square feet for retail use. SJP is also constructing a 200-car underground parking garage to provide direct covered-access parking for the building.
In the surrounding waterfront neighborhood the Port Authority has invested more than $80 million in infrastructure improvements along the river, including two piers that have been converted intorecreational parks and a tree-lined boulevard. The five-acre park at Pier A includes an open lawn area, fountain, tree grove, pavilion and amphitheater space for tenant use. The two-and-a-half acre park at Pier C features a playground as well as a promenade at its eastern edge with lawn and a fishing pier.
SJP's other developments currently under construction are The Modern, a $500-million two-toower residential development in Fort Lee and Prudential Investment's new headquarters in Newark.
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