Waterfront Corporate Center in Hoboken — Courtesy: SJP Properties
By Joshua Burd
SJP Properties has expanded its partnership with a Japanese real estate giant, selling a majority ownership stake of its newest Hoboken office building to the company’s U.S. investment arm.
The company, Mitsui Fudosan America Inc., announced Tuesday that it had acquired the majority interest in Waterfront Corporate Center III, a 511,637-square-foot, fully leased property at 221 River St. Terms of the deal were not disclosed, but the firm said its ownership is in partnership with SJP, which manages the building after delivering it last year.
The deal comes as SJP and Mitsui Fudosan America, or MFA, partner in what is slated to be the tallest residential building on Manhattan’s Upper West Side. The joint venture acquired a development site last year for a reported $275 million, with plans to build a 669-foot, 112-unit building on Amsterdam Avenue between West 69th and West 70th streets.
“We are excited to expand our footprint along the Hudson River, into New Jersey,” John Westerfield, CEO of Mitsui Fudosan America, said in a prepared statement. “Waterfront Corporate Center III is New Jersey’s highest-quality and most recently developed office building, and we look forward to joining and enhancing the already thriving community that exists there.”
With Waterfront Corporate Center III, MFA now has a Class A building that is home to companies such as Pearson Education, Newell Brands and Jet.com. The property is the third and final phase of SJP’s mixed-use business complex in Hoboken, where there is no shortage of demand for high-end office space but a relatively limited supply.
The property is also one of the newest office buildings in the state, built by one of New Jersey few remaining office developers.
“We’re pleased to expand our already strong relationship with Mitsui Fudosan America by welcoming them as our partners in this best-in-class asset,” said Steven J. Pozycki, CEO of SJP Properties. “As evidenced by the tremendous success of our leasing program at the property, Waterfront Corporate Center has positioned itself as the pre-eminent business complex in the Hudson waterfront market, providing a rare combination of technology, amenities and accessibility that appeals to today’s leading companies.”
MFA is a subsidiary of Japan’s largest publicly traded real estate company. It has a footprint in Manhattan that also includes a large stake in 55 Hudson Yards, a 51-story tower that is part of Related Cos.’ high-profile office development on the West Side, along with interests in Washington D.C., San Francisco and elsewhere.
