Toll Brothers JV Breaks Ground on NJ Creative Office Project
- May 10, 2019
The gap in creative office offerings in Hoboken, N.J., will soon shrink by more than 100,000 square feet now that Toll Brothers City Living has broken ground on 1000 Maxwell Lane, a mixed-use tower that will sprout up within the developer’s multi-phase Maxwell Place project.
A 12-story building with ground-level retail space, 1000 Maxwell will feature approximately 110,800 square feet of state-of-the-art office space spanning six floors beneath a five-level luxury condominium component. Transwestern Commercial Services is spearheading the leasing of the office space, with an eye on the increasing pool of startups and TAMI businesses on New Jersey’s Gold Coast.
“The need for creative office space became evident during the past four to five years. There had been several very creative rehabs of older structures. All were unique, but given the age of the building stock, compromises on the workspaces were inevitable,” Matt McDonough, managing director with Transwestern Commercial Services, told Commercial Property Executive. “1000 Maxwell will provide a unique opportunity to benefit from the efficiencies of cutting-edge interiors while still enjoying the charm and character of traditional Hoboken.”
Newly developed Class A office space—traditional or creative—is currently hard to come by in New Jersey. Over the last 10 years, approximately 10 million square feet of new office product, including build-to-suit properties, came online in the Garden State, and at the close of the first quarter of 2019, less than 5 percent of that inventory remained unoccupied, according to a report by Transwestern. Some new projects are in the works, like Edison Properties’ Ironside Newark, but for now, older inventory dominates the market at a time when demand for modern accommodations is growing stronger. New Jersey recently claimed the 12th spot on personal finance website WalletHub’s list of the most innovative states in the U.S., as noted in the report.
TCS is already seeing interest in 1000 Maxwell. “We are conversing with some of the most innovative companies in the area, as well as several concerns related to the Stevens Institute of Technology and many of the shared office providers that have entered the sector,” McDonough said. The building, which will be the fourth and last structure at Maxwell Place, is on schedule to reach completion in the second quarter of 2020.