Hoboken tower qualifies for tax-credit program

Tenants in the Waterfront Corporate Center III, a 520,000-square-foot office and retail tower on the Hoboken, N.J. waterfront, can now qualify for the state’s Urban Transit Hub Tax Credit program, developer SJP Properties announced last week. The program provides a 10-year tax credit for qualified tenants who relocate to the building. A tenant must lease approximately 135,000 square feet of space in the building and relocate a minimum of 250 jobs there. Office rents will be in the mid-to-upper teens per square foot, the company said. Waterfront Corporate Center III is part of a three-building complex that includes more than 1.5 million square feet of Class A office space. The building has no tenants yet, but tenants in the other two buildings include John Wiley and Sons, Mizuho Securities and Marsh & McLennan. TRD