A partnership of SJP Properties and David Werner Real Estate Investments announced Monday that it has acquired Waterfront Corporate Center I, a 14-story, headquarters-quality office and retail building along Hoboken’s Hudson River waterfront, from Veris Residential, the former Mack-Cali Realty Corp for approximately $210 million.
The building is part of a three-building, 1.5 million-square-foot office and retail complex that was developed by SJP Properties between 2002-14. With the buyback of Waterfront Corporate Center I, SJP once again owns and manages the entirety of Waterfront Corporate Center.
3650 REIT (“3650”), a nationwide commercial real estate investment firm, made a $30 million preferred equity investment to the joint venture to help finance the acquisition. The senior acquisition loan was provided by BMO Financial Group and is slated for the securitization market.
Steve Pozycki, founder and CEO of SJP Properties, was thrilled to announce the news.
“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,” he said. “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.”
With a waterfront location that offers direct access to multiple transit modes and walkability in the vibrant Hoboken neighborhood, Pozycki feels the Waterfront Corporate Center provides some of the best access to labor in the tri-state area, along with high-performance, efficient workspace.
Pozycki said he’s confident he can fill the building.
“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,” he said. “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.”
Situated within the heart of Hoboken’s master-planned, pedestrian-friendly waterfront, Waterfront Corporate Center l is just steps from Hoboken Terminal’s New Jersey Transit, PATH, NY Waterway Ferry and Light Rail connections and sits adjacent to the W Hoboken Hotel.
Waterfront Corporate Center III has achieved LEED Gold certification — making it the only commercial asset on the New Jersey waterfront to do so — through the incorporation of energy-efficiency and air quality controls that enable healthy, light-filled environments for people to work and collaborate. The building is also WiredScore Gold certified.
Waterfront Corporate Center I currently has 100,000 square feet of office space available for lease across two floors, while the building’s retail space is fully leased. Alexander Erdos, senior vice president – leasing & marketing at SJP Properties, is serving as SJP’s in-house leasing agent for Waterfront Corporate Center I. Office space within Waterfront Corporate Center II and III is fully leased.
The complex is currently home to EY, Marsh & McLennan, Newell Brands, Walmart, RMS, Pearson and Wiley, and houses an on-site, state-of-the-art fitness center, Crunch Fitness; as well as Del Frisco’s Grille; Wicked Wolf restaurant; Jos A. Bank; FedEx; Chase Bank; Cresthill Academy; and Gregory’s Coffee.
JLL Capital Markets’ Senior Managing Director, Jose Cruz represented Veris Residential. Cushman & Wakefield’s Adam Spies, Andy Merin, Ben Lushing, Frank DiTommaso and David Bernhaut brokered the sale.