Sumitomo Inks Lease at Hoboken's Waterfront Project

HOBOKEN, NJ-Sumitomo Trust & Banking USA, the Japanese-based financial institution, has signed a lease for 37,000 sf of office space in the first of two towers rising as part of SJP Properties’ 1.1 million-sf Waterfront Corporate Center. Lead tenant in the first tower is John Wiley & Sons, which last summer, in a much-publicized deal, signed a lease for 400,000 sf. Wiley is moving its headquarters here after more than 200 years of being based in Manhattan.

The Wiley and Sumitomo deals combine to push the 550,000-sf first tower to the 80% committed level. “Based on the interest we have received and our current activity, we expect to have the first phase leased up in the next few months,” according to Mary Ann Tighe, vice chairman of Insignia/ESG and leader of the leasing team representing SJP on the property. “Then we will focus our attention on marketing phase two.”

Sumitomo, which was represented by John Cefaly of Cushman & Wakefield in the transaction, will use the space as a new regional office. An estimated 200 employees will be moved to the location, with a first-quarter 2002 move-in expected.