From left: Caren Franzini, CEO of the NJ Economic Development Authority, Steven J. Pozycki, CEO of SJP Properties, Rich Glicini, senior vice president at Pearson, Hoboken Mayor Dawn Zimmer, N.J. Lt. Governor Kim Guadagno and a rendering of 225 River Street

Pearson, the world’s leading education publisher, said at a press conference today that it would relocate most of its New Jersey operations to the Hoboken waterfront, becoming the anchor tenant of SJP Properties’ new $150 million office tower when it opens in 2014.

Pearson will move 900 employees from Upper Saddle River and Old Tappan, N.J., into five floors, or 200,000 square feet of the new planned 14-story Silver LEED-certified building, which will begin construction this fall and open in early 2014. [more]

Steven Pozycki of SJP Properties and 11 Times Square

The developer of the half-empty speculative office tower 11 Times Square has filed documents related to dividing the sleek 40-story tower into two condominium units, records on the city’s Department of Buildings website show.

Developer Steven Pozycki’s New Jersey-based firm SJP Properties built the 1.1 million-square-foot tower between 41st and 42nd streets at 640 Eighth Avenue, which officially opened one year ago this month. [more]

From left: 11 Times Square, 9 West 57th Street and 1333 Broadway (building credit: PropertyShark)

While global economic concerns have landlords of vacant U.S. retail spaces scrambling for any tenant, in Manhattan, landlords are patiently awaiting the perfect tenant for their trophy spaces, the Wall Street Journal reported.

For example, it’s not for lack of interest that the 55,000-square-foot retail space in SJP Properties’ 11 Times Square, at 42nd Street and Eighth Avenue, has sat vacant for two years. Rather the developer wants to land a big-name and raise the profile of the one million-square-foot tower. [more]

In its continued effort to reign in suburban sprawl and improve inner cities, the New Jersey Economic Development Authority has approved tax credits worth $394 million for 10 projects near rail hubs, the Wall Street Journal reported. The tax credits are awarded under the urban transit tax credit, first passed in 2007, and instituted to spark development in struggling central business districts. To qualify for the credit, property owners must make at least $50 million worth of investments within a half-mile of a rail station, on a project that supports at least 250 full-time employees. The most high-profile of these credits was a $102 million subsidy awarded to Panasonic in its move from Secaucus to Newark Comments

Another law firm has signed on to join Proskauer Rose at 11 Times Square, becoming the second tenant at the brand new, 40-story tower by SJP Properties and Prudential Real Estate Investors. According to Bloomberg News, Zukerman Gore Brandeis & Crossman will take 17,144 square feet at the $1.2 billion skyscraper, where Proskauer signed a 406,400-square-foot anchor tenant lease a year ago. The firm will pay “very close” to the asking rent of $72 per square foot for its 15th-floor space, said CB Richard Ellis’ Peter Turchin, who represents the landlords. [more]

From left: Newark Deputy Mayor Stefan Pryor, a rendering of the Panasonic building and SJP Properties’ Steven Pozycki

Steven Pozycki’s SJP Properties said it will develop the $190 million new North
American headquarters for Panasonic in downtown Newark by 2013, under
a joint venture with Matrix Development Group.

Panasonic agreed to relocate 1,000 employees from its current Secaucus,
N.J. headquarters to One Riverfront Center, located steps from Newark Penn
Station and the city’s Gateway Center business complex.
The electronics giant, which considered Brooklyn and several other
locations across the country as alternative sites, was lured by more than
$102.4 million in Urban Transit Hub Tax Credits and other incentives
designed to locate businesses near major public transit hubs.
“This is a monumental day for Newark,” Stefan Pryor, deputy mayor for
Newark, told The Real Deal. “It changes the trajectory for our city.” [more]

Panasonic’s current North American headquarters in Secaucus, N.J.

Panasonic has signed on to move its corporate North American headquarters to Newark, taking advantage of $102.4 million in state subsidies and rebuffing efforts by New York City officials to lure the company to Downtown Brooklyn, according to Crain’s. The subsidy package requires Panasonic, which is currently housed in Secaucus, to add 250 employees to the 950 it already has in the state over the next 10 years. New Jersey has been aggressively pursuing big tenants through the promise of tax incentives in recent months, among them, the city’s Hunts Point produce market. [more]

The developer of the half-empty, 1.1 million-square-foot office tower at 11 Times Square has not signed a large lease since the law firm Proskauer Rose struck a deal last May, but it has found a few smaller tenants.

There are “a couple pre-builts with leases” pending, Stephen Siegel, chairman of global brokerage at CB Richard Ellis, said, referring to finished office space constructed by developers to attract companies. He did not identify the companies that took space.

Siegel and Steven Pozycki, CEO of 11 Times Square developer SJP Properties, were on hand last night for the ribbon-cutting led by Mayor Michael Bloomberg for Proskauer Rose opening its new office. Siegel made his comments in a private interview with The Real Deal. [more]

Panasonic’s North America unit is mulling a move from New Jersey to Downtown Brooklyn despite the promise of over $100 million in tax credits if the company were to stay within the state, the Wall Street Journal reported. Among the locations on its radar: MetroTech Center and Atlantic Yards. Panasonic, whose U.S. operations are currently headquartered in Secaucus, was approved for up to $102.4 million in tax breaks by the New Jersey Economic Development Authority this week if it relocates to Newark instead of New York City. [more]

Eleven Times Square, the recently completed 1.1-million-square-foot office and retail tower in Midtown, has been granted LEED Gold certification from the U.S. Green Building Council, developer SJP Properties announced today. The building, located at the intersection of Eighth Avenue and 42nd Street, incorporates the latest green technology in its design, including an advanced air filtration and ventilation system, as well as a glass curtain wall exterior that reduces heat gain and allows in natural light. “Our original vision for 11 Times Square was to create a commercial building that would effectively raise the bar for sustainable construction and design…” said Steven Pozycki, CEO of SJP Properties. TRD [more]