Faropoint Signs Northern New Jersey Office Lease

February 28, 2023

Office Brokerage New York News More Northeast

The tenant signed up for Class A space at Waterfront Corporate Center in Hoboken.

Waterfront Corporate Center I. Image courtesy of Cushman & Wakefield

SJP Properties has signed a 18,603-square-foot lease with industrial real estate asset manager Faropoint at Waterfront Corporate Center I in Hoboken, N.J. Cushman & Wakefield Executive Director David DeMatteis and Senior Director Mina Shehata brokered the deal on behalf of the tenant.

Waterfront Corporate Center I is a 14-story, 566,215-square-foot Class A office building, where Faropoint is set to occupy space on the 10th floor. The property shares 50,000 square feet of retail with Waterfront Corporate Center II and features on-site dining options and a fitness center. Sumitomo Mitsui Trust Bank, Wiley, SKIM and PNC and among the other tenants at the campus, CommercialEdge reveals.

The 1.5 million-square-foot Waterfront Corporate Center comprises three office buildings with additional retail space. Situated on the Hoboken waterfront at 111 River St., Waterfront Corporate Center I is within walking distance of Hoboken Terminal, which offers access to various transportation options, including the NJ Transit train lines, Hudson Light rail, bus and ferry services and direct Path access to Manhattan. The property is also situated near the Holland and Lincoln Tunnels and 9 miles from the New Jersey Turnpike.

New Jersey office leasing on the rise

According to a recent Cushman & Wakefield office report, during the fourth quarter of last year a total of 1.2 million square feet of new commitments were signed in Northern New Jersey, indicating a 23.2 percent rise from the previous quarter. Driven by heightened activity in the life science and healthcare sectors, the area closed 2022 with a total of 4.6 million square feet of leasing agreements signed—the strongest yearly performance since 2019.

Earlier this month, DeMatteis was part of the brokerage team that assisted Manulife US REIT is signing two new leases totaling 35,240 square feet at 10 Exchange Place, a 740,354-square-foot office tower in Jersey City, N.J.