Wiley coming to Hoboken

Real Estate Weekly, August 16, 2000

Leasing 400K sf from SJP Properties

SJP Properties and the City of Hoboken announced today that they have finalized a lease agreement for approximately 400,000 sf of office space with global publisher John Wiley & Sons, Inc. With this commitment, the public/private partnership has scheduled the groundbreaking of the Waterfront Corporate Center for September. Construction will begin on the first of the two 13-story, 550,000 sf, class "A" office towers that will serve as the centerpiece for the waterfront redevelopment in Hoboken, as well as Wiley's worldwide headquarters.

"The Waterfront Corporate Center will be the centerpiece of the New Jersey side of the Hudson River," said Steven J. Pozycki, president and CEO of SJP Properties. "With its access to New York City and remarkable location at the hub of New Jersey's transportation infrastructure, Hoboken provides the amenities and 24-hour service needed for today's global corporate environment."

Waterfront Corporate Center runs parallel to the Hudson River, and will consist of approximately 1.1 million sf of class "A" office space, 50,000 sf of ground floor retail, and a variety of amenities. The site plan for the development calls for over 400 contiguous feet of river frontage, offering unobstructed, 180-degree views of the Manhattan skyline.

"By relocating to this waterfront site in Hoboken, we will be able to create a superior office environment, on attractive financial terms, that meets the needs of Wiley's expanding business," said William J. Pesce, president and CEO of John Wiley & Sons, Inc. "SJP Properties has an excellent reputation and we look forward to working with them to make our vision a reality," he continued.

Insignia/ESG represented Wiley in the transaction.

"That a company with a 200-year tradition of excellence such as John Wiley & Sons, Inc. is establishing its new headquarters in New Jersey is an affirmation of our success in growing businesses and jobs in the Garden State," said New Jersey Governor Christine Todd Whitman. "We are thrilled to welcome the company and its employees to our state."

Situated adjacent to the newly renovated and landmarked Hoboken Terminal, Waterfront Corporate Center will offer greater access to the region's mass transit network than any other waterfront site in the state. The location provides direct access to every available mode of transportation, including Newark Airport, New Jersey Transit trains and buses, PATH, the New York Waterway Ferry and the Hudson-Bergen Light Rail Rapid Transit System, which is currently under construction. The new building will be located minutes from midtown and downtown New York City, Ellis Island, the Statue of Liberty, Liberty State Park, Liberty Science Center, Stevens Institute of Technology, Newark International Airport and the Meadowlands.

"We took our time, we planned well, and this is our reward -- an international corporation with a storied history that is just perfect for the people of Hoboken," said Mayor Anthony Russo. "We couldn't be more pleased to welcome the employees and officers of John Wiley & Sons, Inc., and we look forward to making their vision of their new offices a reality."

"The mayor and city officials have been diligent negotiators and worked hard to make this major development a realty," said SJP'S Pozycki. "The mayor in particular was instrumental in projecting a vision for the waterfront and coordinating a solution that shaped his vision. We congratulate him and all the city officials."

The new building represents one phase of a mixed-use development that will also feature a full-service hotel, residential and retail components.

Hoboken's Waterfront is a planned mixed-use development of at least 2.3 million sf of space on three new city blocks, located next to the historic Hoboken Terminal. The City of Hoboken joined forces with the Port Authority, which is taking part in a similar development known as Queen West on the Queens waterfront in New York City, to transform 50 acres of unused waterfront into a unique commercial, residential and recreational area that will preserve and complement the City's architectural heritage and ensure continued and enhanced public access to the waterfront. The overall development calls for 1.5 million sf of office space, a 300-room hotel, over 500 residential units, 125,000 sf of retail space, associated parking and public open spaces.

To help Wiley locate its new headquarters and 800 jobs in the state, commerce secretary Charles E. (Sandy) Hance said the New Jersey Commerce and Economic Growth Commission's department of client promotion assisted the company in applying for a Business Employment Incentive Program (BEIP) grant that is estimated to be worth more than $7 million over a ten-year period. The New Jersey Economic Development Authority, which administers the highly successful economic development program, approved the application. In four years, the Business Employment Incentive Program has helped to generate more than 45,000 jobs in New Jersey with more than 180 firms, generating $5.5 billion in investment in the state's economy.