HOBOKEN, NJ—Global digital and print publisher John Wiley & Sons Inc. has signed a 15-year lease for 386,407 square feet of office space at 111 River Street in Hoboken, in a transaction brokered by Savills Studley.
The 550,000 square-foot office building offers world-class office space and ground level retail. The new lease, originally set to expire in 2017, now extends until March 2033. Savills Studley's executive vice president David J. Goldstein, chairman and CEO Mitchell S. Steir, executive vice president Matthew P. Barlow, senior managing director Daniel M. Foley, and senior managing director Jason Perla represented the tenant in the long-term transaction, while David Hollander, Greg Tosko and Nick Hilton of CBRE represented the landlord, a subsidiary of Equity Commonwealth.
“111 River Street is one of New Jersey Waterfront's most visible and accessible addresses with dramatic views of lower Manhattan, the Hudson River and the New York Harbor,” says Goldstein. "This transaction reaffirms the strength of Hoboken's office market, as well as Wiley's commitment to the dynamic city of Hoboken and the state of New Jersey.”
As one of the early pioneers to the city's waterfront office market, Wiley relocated its corporate headquarters from 605 Third Avenue in Manhattan to 111 River Street in July 2002. According to Barlow, following an extensive search throughout New York City and New Jersey, the company believes that maintaining its offices in Hoboken will best enable them to continue to provide best in-class services to their customers and partners. “This commitment reflects Wiley's confidence in the Northern New Jersey market and its future as a hub for business, residents, and visitors alike,” Barlow says.
Flexible lease terms, as well as unparalleled access to transportation, including direct access to the PATH, NJ Transit and ferries, helped solidify the decision.
“Our team at Savills Studley successfully negotiated expansion and contraction rights at competitive lease rates to accommodate Wiley's projected growth over the next 15 years,” says Foley.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
