Partnership Buys 523,000 SF Waterfront Office Building in Hoboken

HOBOKEN, N.J. — A partnership between New York City-based developer SJP Properties and private investor David Werner has purchased Waterfront Corporate Center I, a 523,000-square-foot waterfront office building in Hoboken. The 14-story tower, which also houses 35,000 square feet of retail space that is fully leased, is part of a three-building, 1.5 million-square-foot campus that was originally developed by SJP between 2002 and 2014. With this buyback, SJP now owns and manages the entirety of Waterfront Corporate Center. Miami-based 3650 REIT contributed a $30 million preferred equity investment to the deal. Mack Cali Realty Corp. sold the building for an undisclosed price. Waterfront Corporate Center I was roughly 80 percent leased at the time of sale, while Waterfront Corporate Center II and III are fully leased.