Toll Brothers JV breaks ground on creative office building
Toll Brothers City Living has broken ground on 1000 Maxwell Lane which is a mixed use tower, will sprout up within the developer’s multi phase Maxwell Place Project.
1000 Mazwell will feature approximately 110,800 square feet of state of the art office space spanning six floors beneath a five level luxury condominium component. Transwester Commercial Services is spearheading the leasing of the ofice space, with an eye on the increasing pool of startups and TAMI businesses on New Jersey’s Gold Coast.
Newly developed Class A office space is currently hard to come by in New Jeersey. According to a report by Transwestern, over the last 10 years, approximately 10 million square feet of new office product came online the Garden State and at the close of the first quarter of 2019, less than 5 percent of that inventory remained unoccupied. Some new projects are in the works but for now, older inventory dominates the market at a time when demand for modern accommodations is growing stronger. Recently, New Jersey claimed the 12th spot on personal finance website Wallethub’s list of the most innovative states in the U.S.
Matt McDonough, managing director with Transwestern Commercial Services, said, “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. 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.
McDonough said, “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. 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.”
Source: CP Executive
Fulya Altunyay/ [email protected]