Mitsui Fudosan America, Inc. (MFA), the U.S. operations of Japan’s largest real estate company, announced today the purchase of a majority ownership interest in Waterfront Corporate Center III in Hoboken, New Jersey. MFA’s ownership is in partnership with Manhattan-based SJP Properties, which developed and manages the building. Waterfront Corporate Center III, located at 221 River Street, is a 511,637-square-foot, fully leased office property with 24,694 rentable square feet of retail space located on the Hoboken waterfront.
“We are excited to expand our footprint along the Hudson River, into New Jersey,” said John Westerfield, CEO of MFA. “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.”
Waterfront Corporate Center III, delivered in 2015, is situated in the heart of Hoboken’s 26‐acre pedestrian‐friendly, master-planned waterfront, affording exceptional views of Manhattan. The building was fully leased in just 14 months to a diverse set of office and retail tenants, including Pearson Education, Newell Brands, NICE Systems, Jet.com and Del Frisco’s Grille. This core asset is located in a severely land constrained market, in close proximity to Hoboken Terminal’s NJ TRANSIT, PATH, NY Waterway Ferry and light rail connections.
“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,” stated Steven J. Pozycki, CEO of SJP Properties. “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.”
Hoboken is conveniently located 15 minutes from Manhattan via mass transit train service, and features an abundance of parks, shops, and acclaimed restaurants, as well as a vibrant nightlife. The diversity of the City’s downtown has shaped Hoboken into a 24/7 live, work, and play environment for TAMI (Technology, Advertising, Media, Information) tenants, young professionals and families.
In addition to its commercial office, residential development and acquisition activities in New York and New Jersey, MFA is also actively involved with projects in Washington D.C., San Francisco, Seattle, Los Angeles and Waikiki, Hawaii.
In early 2015, MFA announced its investment to build 55 Hudson Yards in Manhattan in partnership with Related Companies and Oxford Properties Group. The $1.4 million square feet, 51-story tower is over 50% pre-leased to an outstanding roster of tenants including Boies Schiller, Milbank Tweed, Point72 and MarketAxess. The building is on schedule for delivery in 2018.
About Mitsui Fudosan America, Inc.
Mitsui Fudosan America, Inc. (MFA) is a real estate investment and development company headquartered in New York City and is the U.S. subsidiary of Mitsui Fudosan Co., Ltd. – Japan’s largest publicly traded real estate company. MFA’s history in the United States dates back to the early 1970’s. Since its inception, MFA has acquired and developed numerous office, multifamily and hospitality properties in major markets throughout the U.S. including: 1251 Avenue of the Americas in Midtown Manhattan; The Homer Building in Washington D.C.; Figueroa at Wilshire in Los Angeles and the renowned Halekulani Hotel in Waikiki, Hawaii. In addition to its significant portfolio of office buildings, MFA has significantly expanded its development of commercial and residential properties in the U.S. including 160 Madison Avenue, 525 West 52nd Street and 200 Amsterdam Avenue in New York City, 270 Brannan, 650 Indiana and 22 Texas in San Francisco, 2nd and Pike in Seattle, and 1200 17th Street in Washington D.C.
About SJP Properties
SJP Properties is a vertically integrated commercial and residential real estate developer, investor, asset manager, construction manager and property manager. The expertise of the company’s core in-house team of professionals encompasses the entire development process, from site selection through coordination of tenant move-in for large multi-phase office complexes as well as for individual tenant build-out projects. The company is a recognized leader in the development of build-to-suit office and mixed-use developments on behalf of a long-list of leading corporations, including Panasonic Corporation of North America, Prudential, BMW, Sanofi, Tiffany’s, Ingersoll Rand and Bayer. The company’s leadership has established relationships with many of the industry’s leading investors and financial institutions, providing unparalleled access to capital.
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