NEW JERSEY—Yesterday, SJP Properties broke ground on Waterfront Corporate Center III, a new office and retail building being constructed in Hoboken, N.J. on the final site within the city’s 26-acre waterfront, mixed-used master planned neighborhood.

Working in partnership with USAA Real Estate Co., SJP Properties is developing the 500,000-sq.-ft. property, which, upon completion, will stand 14 stories high. Earlier this year, Pearson signed a 200,000-sq.-ft. lease at the property and will be the site’s lead tenant.

The property is the last phase of SJP’s 1.5 million-sq.-ft., three-building office and retail complex and is designed as New Jersey’s only waterfront Leadership in Energy and Environmental Design (LEED) Silver-certified office building.

As part of the development, SJP is constructing a 200-car underground garage.

Designed by HLW International architects, Waterfront Corporate Center III will include air quality controls, full-time building security, interior loading and 10 passenger elevators, as well as flexible floor plates and floor-to-ceiling glass windows.