SJP Properties Signs 72,000-SF Lease Expansion with Thompson Reuters at Waterfront Corporate Center II

Company to Relocate 450 Employees to Premier Hoboken Business Complex

SJP Properties Signs 72,000-SF Lease Expansion with Thompson Reuters at Waterfront Corporate Center II

HOBOKEN, N.J. (April 3, 2014) – SJP Properties today announced that it has signed a significant lease expansion with Thomson Reuters at Waterfront Corporate Center II, one of three Class A office and retail buildings within SJP’s high-performance, mixed-use business complex in Hoboken, N.J.

Thomson Reuters, the world’s leading source of intelligent information for businesses and professionals, has taken an additional 72,000 square feet of office space at Waterfront Corporate Center II, where it now leases a total of 93,000 square feet. The additional space will support the relocation of 450 of Thomson Reuters’ employees from New York City to Hoboken.

Joseph Cabrera and Tim Kuhn, formerly of Cushman & Wakefield, represented Thomson Reuters in the transaction. SJP was represented in-house by Senior Vice President Peter Bronsnick.

“The decision by Thomson Reuters to expand at Waterfront Corporate Center and relocate a large portion 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,” commented Steven J. Pozycki, CEO of SJP Properties. “This expansion will provide a considerable boon to the local and state economies, with the New Jersey Economic Development Authority estimating a net benefit to the State of $123 million from this transaction.”

Leveraging its expertise in project and construction management, 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.

Situated within the heart of Hoboken’s master-planned, pedestrian-friendly waterfront, Waterfront Corporate Center is the city’s most successful mixed-use development. The three-building complex comprises 1.5 million square feet of Class A commercial space adjacent to the W Hoboken Hotel and just steps from Hoboken Terminal’s NJ TRANSIT, PATH, NY Waterway Ferry and Light Rail connections.

The complex’s on-site amenities include a state-of-the-art fitness center for tenants. In addition to Thomson Reuters, several high-caliber corporations call Waterfront Corporate Center home, including Pearson, Marsh & McLennan and Octapharma.

SJP is currently constructing the third and final building within Waterfront Corporate Center, a 14-story, 550,000-square-foot Class A building designed as New Jersey’s only waterfront Leadership in Energy and Environmental Design (LEED) Silver-certified office and retail building. Learning company Pearson will serve as the lead tenant of Waterfront Corporate Center III, being developed in partnership with USAA Real Estate Company.

Pearson will occupy 200,000 square feet of Waterfront Corporate Center III. SJP is marketing the remaining 275,000 square feet on the tower floors seven through 14. In addition to the office space, the ground level of the building will have approximately 25,000 square feet available for retail use. SJP is also constructing a 200-car underground parking garage to provide direct covered access parking for the building.

Reflective of Waterfront Corporate Center’s position as one of the state’s preeminent business addresses, the complex features highly efficient floor plates and floor-to-ceiling glass windows that permit natural light to penetrate deep into the floors and offer unobstructed New York City and Hudson River views. SJP has incorporated energy-efficiency and air quality control features throughout to provide a healthier and more sustainable work environment for the complex’s tenants.

The waterfront neighborhood where Waterfront Corporate Center is located is 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 Modern, a $500-million luxury residential development highlighted by two 47-story iconic glass towers situated in the heart of the enhanced downtown district in Fort Lee, N.J. SJP is also the build-to-suit developer and project manager for Prudential Investment’s new headquarters along Broad Street in Newark, N.J., the first phase of which includes a 28-story, 750,000-square-foot Class A office building designed to achieve LEED certification.

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