Transwestern’s Matt McDonough, managing director, will lease the property.
Toll Brothers City Living said it will break ground this summer on Maxwell Place. It currently has three luxury residential towers with 755 units, a waterfront park and retail space.
The addition of 1000 Maxwell Lane will include street-level retail, office space and condominiums.
“1000 Maxwell Lane is an innovative project in many ways,” said Henry L. Waller, vice president of Toll Brothers City Living. “In addition to being the first speculative office project during the current market cycle, the unique layout represents a fresh, thoughtful and integrated approach to meeting the distinct development needs of uptown Hoboken. Hudson County has a booming community of entrepreneurs, new ventures and TAMI tenants that has grown to the point where we need more office space with the latest technology and a vibrant lifestyle.”
Maxwell Place is within close proximity to the 14th Street New York Waterway ferry terminal, the Lincoln Tunnel and Route 495, as well as Routes 3, 1 and 9.
“With a Class A office vacancy rate around 3.5 percent, the creative office space that exists in Hoboken today is highly inefficient, while the balance of the office space on the market is more corporate,” McDonough said. “With these modern and efficient workspaces at Maxwell Place, Toll Brothers City Living is creating a new opportunity to meet pent-up demand from the growing number of new innovators and existing TAMI companies on the New Jersey waterfront.”