Groundbreaking for Waterfront Corporate Center III – Pearson to Bring 900 Jobs to Hoboken

Hoboken, NJ - Monday, December 10th, 2012

State-of-the-Art, 500,000 SF Sustainable Office and Retail Building to be Anchored by Pearson, the World’s Leading Learning Company
The development of a new, state-of-the-art office and retail building that will generate significant economic growth and bring the world’s leading learning company to Hoboken, N.J., began today with a groundbreaking for Waterfront Corporate Center III, located on the final site within the city’s 26-acre waterfront, mixed-use master plan neighborhood.

Leading real estate development firm SJP Properties is developing the 500,000-square-foot building in partnership with USAA Real Estate Company. Pearson, which earlier this year signed a 200,000-square-foot lease at the property, will be the site’s lead tenant. The 14-story building, designed as New Jersey’s only waterfront Leadership in Energy and Environmental Design (LEED) Silver certified office building, is the last phase of SJP’s 1.5-million-square-foot, three-building office and retail complex. SJP Properties is currently marketing the building’s available office space on floors seven through 14, consisting of 275,000 square feet.

“Job creation and business retention have been an important focus of the Christie Administration and the commencement of construction on this significant building is a testament to the state’s unwavering commitment to growing businesses in the Garden State,” said New Jersey Lt. Governor Kim Guadagno. “Today’s achievement demonstrates that New Jersey’s highly skilled labor force and vibrant city centers are continuing to attract significant investment to the benefit of the entire state.”

Hoboken Mayor Dawn Zimmer stated: “Welcoming a world-class corporate neighbor such as Pearson is a tremendous boon for Hoboken and will add to both the economic engine and the vitality of our community. I am confident that Pearson’s employees will quickly come to appreciate all of the wonderful amenities Hoboken has to offer, from unparalleled public transportation, to eclectic shopping, dining and entertainment opportunities. We are fortunate to have a highly experienced partner in SJP Properties to continue its track record of first-rate, sustainable development in our city.”

Pearson, which is relocating approximately 900 employees from its current offices in Upper Saddle River and Old Tappan, N.J., will occupy five floors of Waterfront Corporate Center III starting in 2014, when the building is scheduled for completion. Richard Berzine & Company and Jones Lang LaSalle represented Pearson in the lease transaction. SJP Properties was represented in house.

The development, located at 221 River Street, is expected to create more than 600 construction jobs. PNC Real Estate is providing construction financing for the building, along with co-lenders U.S. Bank and Peoples Bank.

“Waterfront Corporate Center III is a continuation of our long-standing history developing premier, build-to-suit developments in prime locations that offer all of the latest technology and sustainability features that today’s leading-edge companies demand,” stated Steven J. Pozycki, Chairman and CEO of SJP Properties. “With more than $1 billion in development projects currently under construction throughout New Jersey, SJP Properties is incredibly proud to continue playing a significant role in creating much-needed construction jobs and attracting economic growth in the state, and we look forward to delivering on the creation of an unparalleled business address for Pearson.”

The Waterfront Corporate Center office complex is located next to the W Hotel and is within steps of the Hoboken Terminal, which offers NJ Transit trains and buses, PATH service, light rail and water ferries to New York City, and is within a few minutes drive to both the Holland and Lincoln tunnels. As part of the development, SJP is constructing a 200-car underground garage for direct covered access parking, and tenants will be afforded access to a fitness center in the adjacent Waterfront Corporate Center II, among other amenities.

“The leadership of Pearson and Hoboken share a passion for innovation and we believe that this community is precisely the type of vibrant, stimulating center for media, technology and digital services for businesses like ours,” said Will Ethridge, CEO of Pearson North America. “We are wholly committed to providing our employees with a high-performance, energy-efficient work environment and our new home within Waterfront Corporate Center will contribute significantly to meeting our sustainability and business objectives.”

Designed by HLW International architects, Waterfront Corporate Center III has unparalleled New York City and Hudson River views, and will feature state-of-the-art air quality controls, full-time building security, interior loading, and 10 passenger elevators, as well as flexible, highly efficient floor plates and floor-to-ceiling glass windows that permit natural light to penetrate deep into the floors. Of the additional space in the building, 25,000 square feet has been allocated for retail use.

First constructed in 2000, Waterfront Corporate Center has become Hoboken’s most successful mixed-use development. The complex is currently comprised of more than one million square feet of world-class space, which is home to such leading, high-caliber corporations as John Wiley & Sons, Marsh and McLennan, Sumitomo Trust and Banking, Mizuho Securities, Thomson Reuters and Octapharma.

The waterfront neighborhood where Waterfront Corporate Center is located is further enhanced by the Port Authority’s investment of more than $80 million in infrastructure improvements along the river, evidenced by two piers that have been converted into beautiful, water-surrounded recreational 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 areas and a fishing pier.

As one of the New York Metropolitan Area’s most active development companies, SJP Properties currently has several developments under construction in New Jersey. In addition to Waterfront Corporate Center III, SJP is developing the new U.S. headquarters for Panasonic Corporation of North America in partnership with Matrix Development Group. The 340,000-square-foot office tower in Newark, N.J., will be the city’s first new office development in nearly two decades. SJP is also developing The Modern, a $500 million luxury residential development highlighted by two 47-story iconic glass towers that will rise in downtown Fort Lee, N.J.

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