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Thread: Hoboken

  1. #526
    Forum Veteran West Hudson's Avatar
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    Jun 2006
    Jersey City/Harrison, NJ

    Default Toll Brothers Hoboken Building D

    The foundation of this one is almost complete and it looks like vertical construction should be starting soon.

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  2. #527
    Forum Veteran West Hudson's Avatar
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    Jun 2006
    Jersey City/Harrison, NJ

    Thumbs up Big Block of Spec Office Space Coming to Uptown Hoboken

    It looks like Toll Brothers has replaced a lot of the originally proposed condo units in their plans for 1000 Maxwell with office space. They've cut the number of residential units down from 76 to 58 and increased the size of the commercial space to 125,000 sf (pretty sizeable). This should bring some sense of a 24/7 community to that part of Hoboken (which is almost entirely residential). I believe this is the last site in the Maxwell Place redevelopment.


    Hoboken: Toll Bros. project includes 125,000 sq. ft. spec office component

    March 18, 2018

    A rendering of 1000 Maxwell Lane in Hoboken — Courtesy: Toll Bros. City Living/Transwestern

    By Joshua Burd
    New office space is coming to uptown Hoboken, as Toll Bros. prepares to start work on the final piece of a mixed-use redevelopment that goes back more than 15 years.

    The homebuilder’s City Living division is slated to break ground this summer on a new tower at 11th Street and Maxwell Lane, according to the project’s executive and brokerage team. The development is slated to feature 125,000 square feet of speculative office space, along with street-level retail and five stories of condominiums.

    The project at 1000 Maxwell Lane represents the fourth piece of Toll’s mixed-use Maxwell Place project, following the construction of three luxury residential towers housing 755 units, a waterfront park and a mix of retail and restaurant space.

    “In addition to being the first speculative office project during the current market cycle, the unique layout represents a fresh, thoughtful and integrated approach to meeting the distinct development needs of uptown Hoboken,” said Henry L. Waller, vice president of Toll Bros. City Living. “Hudson County has a booming community of entrepreneurs, new ventures and (technology, advertising, media and information) tenants that has grown to the point where we need more office space with the latest technology and a vibrant lifestyle.”

    Transwestern Managing Director Matt McDonough is heading the leasing team for the office space. He touted the opportunity to recruit and retain top talent with the allure of modern office space in Hoboken, where Class A office vacancy is among the lowest in the state.

    The city’s uptown neighborhood also offers direct ferry service to Manhattan, plus proximity to the Lincoln Tunnel and the New Jersey Turnpike. The new Toll Bros. building will also give tenants easy access to Stevens Institute of Technology.

    “With a Class A office vacancy rate around 3.5 percent, the creative office space that exists in Hoboken today is highly inefficient, while the balance of the office space on the market is more corporate,” McDonough said. “With these modern and efficient workspaces at Maxwell Place, Toll Brothers City Living is creating a new opportunity to meet pent-up demand from the growing number of new innovators and existing TAMI companies on the New Jersey waterfront.”


  3. #528

  4. #529
    Forum Veteran West Hudson's Avatar
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    Jun 2006
    Jersey City/Harrison, NJ

    Default Over a Decade Later...the Cliffs Comes Back to the Market as Condos

    When the development was originally planned back before the Great Recession, it was slated to be built as a condo building. However, the units didn't sell well and the builder decided to hold onto it as a rental building in the late 2000s, and now, about twelve years later, the rental units are being converted and dumped onto the market as "new" condos. It will be interesting to see if other rental buildings start converting in the same way over the next year or so.

    A few years ago I predicted that an oversupply of rental apartments and high vacancy rate would lead to a series of rental-to-condo conversions in Jersey City...this might be the beginning of that wave.

    Interestingly, the builder was Manhattan Building Co. (now owned by Toll Brothers), which also just sold off its new-ish SoHo Lofts complex near the Holland Tunnel to Mack-Cali. Seems like they're in the process of divesting of a significant chunk of their Jersey City holdings.
    Last edited by West Hudson; February 2nd, 2019 at 02:56 AM.

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