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HOBOKEN, NJ-SJP Properties has started construction for Waterfront Corporate Center III, a 550,000-sf office tower here. Final plans had been announced a year ago, paving the way for the current start of work.

The Parsippany-based SJP started work on 11 Times Square, a 40-story, 1.1-million-sf spec office tower in Manhattan earlier this year, slated for delivery in 2009. With Waterfront Corporate Center III now under way, the company will have a total of nearly 1.7 million sf of new spec offices in the pipeline.

“With vacancy rates in New York at historic lows and virtually no new class A space being developed, we have never seen the market as tight as it is now,” says SJP EVP Peter Eppie. “We’re confident that our strategy of starting construction will help meet the need for new-generation space in the New York metro area.”

The Waterfront III site directly faces Midtown Manhattan across the Hudson River. It’s the final phase of a joint venture between SJP, the Port Authority of NY/NJ, owner of much of the site, and the City of Hoboken that, to date, has produced 934,000 sf in the form of Waterfront Corporate Centers I and II. The latter two buildings are home to such tenants as Marsh & McLellan, publisher John Wiley & Sons’ global headquarters, Sumitomo Trust and Mizuho Securities.

The office campus also includes a retail component, and Waterfront III will be the final piece of the development, rising on a site adjacent to the new W Hotel, currently under construction. Designed by architects HLW, the new building will also be adjacent to Hoboken Terminal, a multi-modal public transportation center.

“Both Waterfront Corporate Center and 11 Times Square represent a new standard in environmentally responsible development,” says SJP founder, chairman and CEO Steven J. Pozycki. “With the construction of both of these class A buildings, multinational corporations have two opportunities to meet their operational and aesthetic space requirements.”

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