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New York

Toll Brothers breaks ground on office portion of Hoboken mixed-use site

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An 110,800-square-foot office component at Maxwell Place, homebuilding giant Toll Brothers’ mixed-use development in Hoboken, broke ground last week, according to Commercial Property Executive. The development at 1000 Maxwell Lane includes three residential towers, 755 condos and street-level retail. Transwestern Commercial Services was tapped last year by Toll Brothers to handle leasing for its office portion of the site, which the brokerage claims is Hoboken’s first speculative office development of the current economic cycle. According to Jersey Digs, Toll Brothers and the City of Hoboken have modified the Maxwell Place master plan over the years. Toll Brothers was approved for 125,000 square feet of office space in April 2018. Toll Brothers City Living, the urban for-sale arm of the luxury residential developer, launched condo sales in April 2016 at uptown Hoboken’s 1400 Hudson Street. The developer ultimately delivered 236 for-sale residences ranging from studio to three-bedrooms priced between $600,000 and $2 million per unit. [CPE]