A rendering of 1000 Maxwell Lane in Hoboken — Courtesy: Toll Bros. City Living/Transwestern
By Joshua Burd
New office space is coming to uptown Hoboken, as Toll Bros. prepares to start work on the final piece of a mixed-use redevelopment that goes back more than 15 years.
The homebuilder’s City Living division is slated to break ground this summer on a new tower at 11th Street and Maxwell Lane, according to the project’s executive and brokerage team. The development is slated to feature 125,000 square feet of speculative office space, along with street-level retail and five stories of condominiums.
The project at 1000 Maxwell Lane represents the fourth piece of Toll’s mixed-use Maxwell Place project, following the construction of three luxury residential towers housing 755 units, a waterfront park and a mix of retail and restaurant space.
“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,” said Henry L. Waller, vice president of Toll Bros. City Living. “Hudson County has a booming community of entrepreneurs, new ventures and (technology, advertising, media and information) tenants that has grown to the point where we need more office space with the latest technology and a vibrant lifestyle.”
Transwestern Managing Director Matt McDonough is heading the leasing team for the office space. He touted the opportunity to recruit and retain top talent with the allure of modern office space in Hoboken, where Class A office vacancy is among the lowest in the state.
The city’s uptown neighborhood also offers direct ferry service to Manhattan, plus proximity to the Lincoln Tunnel and the New Jersey Turnpike. The new Toll Bros. building will also give tenants easy access to Stevens Institute of Technology.
“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.”
