Developer SJP Properties has sold a majority interest in its Waterfront Corporate Center III in Hoboken to the U.S. arm of a Japanese real estate firm, according to an announcement Tuesday.
Mitsui Fudosan America Inc. said in a news release that it has paid an undisclosed amount for the ownership stake in the 511,637-square-foot property at 221 River St. The office building, which is fully leased, is also managed by SJP, which retains an ownership stake.
“We are excited to expand our footprint along the Hudson River into New Jersey,” John Westerfield, CEO of New York-based MFA, 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.”
Tenants at the building include Pearson Education, Newell Brands, NICE Systems, Jet.com and others.
“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,” Steven J. Pozycki, SJP’s CEO, said in a statement. “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’s parent, Mitsui Fudosan Co. Ltd., is Japan’s largest publicly traded real estate company.
By Eric Strauss, November 15, 2016(NJBIZ)