HOBOKEN, NJ-With local approvals in place, SJP Properties has officially launched development of Waterfront Corporate Center III. The 12-story, 550,000-sf class A office building will complete the build-out of the Parsippany-based company’s Waterfront Corporate Center and boost its total space to nearly 1.5 million sf.

Work starts on the building as the first two structures in the master planned Hudson River waterfront complex have reached full occupancy. As reported by GlobeSt.com, it was announced last week that the National Council on Compensation Insurance Inc. has taken the last 12,000-sf block within Waterfront Corporate Center I.

“The completion of Waterfront Corporate Center III will mark the culmination of the remaking of Hoboken’s waterfront,” says Peter Eppie, SJP’s EVP, whose firm teamed up with the Port Authority of NY/NJ and the city to redevelop the derelict Port Authority-owned site. “With tremendous residential development activity currently taking place here, and with large blocks of office space virtually nonexistent in Midtown Manhattan, we’re confident that this building will be a success mirroring that of our first two waterfront towers.”

Waterfront Corporate Center I went under construction in late 2000 after publisher John Wiley & Sons, headquartered in Manhattan since 1807, committed to 400,000 sf to move its HQ across the river. Sumitomo Trust, CPR and Fuji Securities, now known as Mizuho all made subsequent space commitments. The II building was subsequently delivered in late 2003 with Marsh & McClennan taking 420,000 sf as its anchor tenant. The two buildings, totaling nearly 950,000 sf, are connected by a multi-story base. The property also has a ground-floor retail component.

The new III building, designed the architects HLW, will be adjacent to Hoboken Terminal, which combines rail, bus and ferry transportation modes. The site is also adjacent to the new W Hotel, a 225-room, 25-story property that began construction in late 2005. The hotel is being developed and owned by locally based Applied Development Co. and will be managed by Starwood Hotels & Resorts.

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