SJP Properties has signed a 72,000-square-foot lease expansion in Hoboken with Thomson Reuters, allowing the global media company to move ahead with its plan to bring 450 new employees to the city.
The company will grow its footprint at SJP's Waterfront Corporate Center II, the Parsippany-based developer announced Thursday. The deal will bring Thomson Reuter's total space to 93,000 square feet over three floors, with the new space expected to open during the third quarter after a build-out by SJP.
The deal comes nearly two months after the company was awarded a seven-year, $25.9 million tax credit from the state Economic Development Authority. The award under the Grow New Jersey program calls for Thomson Reuters to relocate 450 out-of-state employees from New York to Hoboken, rather than a facility in Carrollton, Texas.
The New York-based company currently houses 183 employees on one floor of the SJP complex, which is located at 121 River St. in Hoboken, according to the EDA. The employees will come mostly from its tax and accounting unit.
Joseph Cabrera and Tim Kuhn, formerly of Cushman & Wakefield, represented Thomson Reuters in the deal, SJP said in a news release. SJP was represented in-house by Senior Vice President Peter Bronsnick.
Waterfront Corporate Center II is one of three buildings in SJP's 1.5 million-square-foot office and retail complex in downtown Hoboken. The company is now completing the third and final building, a 14-story, 550,000-square-foot tower that will be anchored by Pearson Education's new corporate headquarters.
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