{"id":1004322839,"date":"2019-05-10T05:57:16","date_gmt":"2019-05-10T13:57:16","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004322839"},"modified":"2019-05-10T07:09:00","modified_gmt":"2019-05-10T15:09:00","slug":"toll-brothers-jv-breaks-ground-on-nj-creative-office-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/toll-brothers-jv-breaks-ground-on-nj-creative-office-project\/","title":{"rendered":"Toll Brothers JV Breaks Ground on NJ Creative Office Project"},"content":{"rendered":"<div id=\"attachment_1004322857\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/05\/1000-Maxwell-Lane.-Image-courtesy-of-Toll-Brothers-City-Living.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004322857\" data-attachment-id=\"1004322857\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/toll-brothers-jv-breaks-ground-on-nj-creative-office-project\/onehouse-for-toll-brothers-city-living-1000-maxwell-lane-her\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/05\/1000-Maxwell-Lane.-Image-courtesy-of-Toll-Brothers-City-Living.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;ONEHOUSE&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;ONEHOUSE is a creative communications agency that builds brands and develops immersive marketing campaigns for the fields of property development, architecture and the arts.\\rONEHOUSE was founded in 2016 and maintains studios in New York, Los Angeles.&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 ONEHOUSE&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;ONEHOUSE for Toll Brothers City Living - 1000 Maxwell Lane - Her&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"ONEHOUSE for Toll Brothers City Living &#8211; 1000 Maxwell Lane &#8211; Her\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;1000 Maxwell Lane. Image courtesy of Toll Brothers City Living&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/05\/1000-Maxwell-Lane.-Image-courtesy-of-Toll-Brothers-City-Living.jpg?w=800\" class=\"wp-image-1004322857 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/05\/1000-Maxwell-Lane.-Image-courtesy-of-Toll-Brothers-City-Living.jpg\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/05\/1000-Maxwell-Lane.-Image-courtesy-of-Toll-Brothers-City-Living.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/05\/1000-Maxwell-Lane.-Image-courtesy-of-Toll-Brothers-City-Living.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/05\/1000-Maxwell-Lane.-Image-courtesy-of-Toll-Brothers-City-Living.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004322857\" class=\"wp-caption-text\">1000 Maxwell Lane.<em> Image courtesy of Toll Brothers City Living<\/em><\/p><\/div>\n<p>The gap in creative office offerings in Hoboken, N.J., will soon shrink by more than 100,000 square feet now that Toll Brothers City Living has broken ground on 1000 Maxwell Lane, a mixed-use tower that will sprout up within the developer\u2019s multi-phase Maxwell Place project.<\/p>\n<p>A 12-story building with ground-level retail space, 1000 Maxwell will feature approximately 110,800 square feet of state-of-the-art office space spanning six floors beneath a five-level luxury condominium component. Transwestern Commercial Services is spearheading the leasing of the office space, with an eye on the increasing pool of startups and TAMI businesses on New Jersey\u2019s Gold Coast.<\/p>\n<p><em>\u201cThe 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,\u201d<\/em> Matt McDonough, managing director with Transwestern Commercial Services, told <em>Commercial Property Executive<\/em>. <em>\u201c1000 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.\u201d<\/em><\/p>\n<h2><strong>Shortfall<\/strong><\/h2>\n<p>Newly developed Class A office space\u2014traditional or creative\u2014is currently hard to come by in New Jersey. Over the last 10 years, approximately 10 million square feet of new office product, including build-to-suit properties, came online in the Garden State, and at the close of the first quarter of 2019, less than 5 percent of that inventory remained unoccupied, according to a report by Transwestern. Some new projects are in the works, like <a href=\"https:\/\/www.commercialsearch.com\/news\/njs-new-generation-of-workspaces\/\">Edison Properties\u2019 Ironside Newark<\/a>, but for now, older inventory dominates the market at a time when demand for modern accommodations is growing stronger. New Jersey recently claimed the 12th spot on personal finance website WalletHub\u2019s list of the most innovative states in the U.S., as noted in the report.<\/p>\n<p>TCS is already seeing interest in 1000 Maxwell. <em>\u201cWe 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,\u201d<\/em> McDonough said. 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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Part of the company\u2019s Maxwell Place development in Hoboken, N.J., the mixed-use tower will feature a 110,800-square-foot office segment.<\/p>\n","protected":false},"author":969,"featured_media":1004322857,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,1600,21742,10,21747],"tags":[33313,42440],"class_list":["post-1004322839","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-new-york","category-latest","category-northeast","category-office","tag-transwestern","tag-transwestern-commercial-services"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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