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Spec building in Hoboken.

A speculative office project in Hoboken will bring 70,000 SF to a site where a venerable 19th Century theater once stood.

The $14 million project will adhere to the historic elements of the Lyric theater by using pre-cast concrete, limestone and brick. But the nostalgic features will be underscored by 21st Century wiring, among other necessities.

"Offices at the Lyric represent responsible development with architectural and historical significance, while providing a home on New Jersey's Gold Coast for small and mid-sized tenants," said Dudley Ryan, senior vice president of CB Richard Ellis' Paramus office. "We feel that this niche is so strong that it warrants speculative development," he said.

The project is being developed by the 70 Hudson Street Group, whose principles include Rob Ranieri and Louis Picardo. Asking rents will be in the $38.50 per SF range.

The Lyric, at 79 Hudson St. at downtown Hoboken, once hosted George Burns and Gracie Allen, but was demolished 50 years ago and subsequently used as a parking lot.

"The project was granted variances by the city to rise above the five stories allowed by zoning and to fill the entire site without providing onsite parking," said Ranieri.

Downtown Hoboken is known for being a difficult place to park, which could pose a problem for any would-be tenant whose employees drive to work. But, according to Ryan, there are several parking decks being built in the area.

"As far as I know there aren't any other speculative projects in Hoboken. But there continues to be strong demand for office space on the Jersey side of the river," said Mark Ravesloot, an executive managing director at Insignia ESG.

He pegged the average asking rents in Hoboken between $35 and $40 a SF
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Title Annotation:office building in New Jersey
Author:Chapman, Parke
Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1U2NJ
Date:Jan 16, 2002
Words:291
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