Demolition is under way on Morristown’s Speedwell Avenue, in preparation for the new headquarters of Valley National Bank, the developers announced on Tuesday.
The six-story, 125,000-square foot structure will replace vacant businesses across from the Hyatt Regency at 52-74 Speedwell: Olive Lucy’s, Pazzo Pazzo and Danny’s Pub, and a long-empty lot.
Approved in November by the town planning board, the project is being built by the same team erecting M Station at Morris and Spring streets, where Big Four accounting firm Deloitte anticipates moving its New Jersey headquarters this fall.
From SJP Properties and Scotto Properties:
SJP Properties and Scotto Properties Announce New Headquarters
for Valley National Bank in Morristown, N.J.
Demolition begins to make way for next-generation built-to-suit workplace
within Morristown’s renowned transit-oriented downtown
SJP Properties, in partnership with Scotto Properties, today announced that demolition is underway at the future site of the new high-performance headquarters for Valley National Bank (NASDAQ:VLY), one of the largest and most prestigious banking institutions in the country.
Upon completion in March 2023, Valley’s new base of operations is expected to bring more than 660 professionals to Morristown’s thriving downtown district.
Envisioned by SJP Properties in close collaboration with renowned global architecture firm Gensler, Valley’s new headquarters will replace a string of vacant structures located on five lots along Speedwell Avenue.
As the only developer executing new modern built-to-suit office projects on behalf of owners and tenants in New Jersey, this new building represents the second corporate headquarters that SJP Properties has brought to Morristown in the last two years, following the signing of Deloitte as the anchor tenant of M Station in early 2020.
Designed to achieve LEED certification and create an urban environment that appeals to today’s discerning workforce, Valley’s headquarters is a modern interpretation of the masonry tradition of historic Morristown, featuring a careful balance of glass, metal and warm brick tones that embraces the character of the neighborhood.
Reflecting SJP Properties’ decades-long commitment to creating inspiring workplaces that integrate meaningful technology, sustainability measures, and concierge-style services that bolster the employee experience, the building will be ideally suited to attract and retain top talent that demands more than a traditional suburban office building.
“As today’s recruiting market becomes increasingly competitive, it’s critical to create a workplace environment that excites and encourages professionals to come to the office,” said Steve Pozycki, CEO of SJP Properties.
“Having a beautiful yet flexible office design that promotes health and well-being, offers access to the outdoors, and is integrated within a vibrant community is no longer a perk — it’s a requirement. With this latest office development in Morristown, we saw the opportunity to leverage the features that make the town a desirable place to work and live, while creating a high-performance headquarters for Valley’s professionals, who will further invigorate the downtown district as they become part of the local community fabric.”
Valley intends to relocate its operations from Wayne, N.J. to its new headquarters in Morristown, which offers approximately 120,000 square feet of office space and hallmarks that include floor-to-ceiling windows, abundant natural light, and skyline views.
Operable glass walls open to three outdoor terraces, creating an indoor-outdoor environment that makes Morristown’s pastoral landscape part of the workplace. The ground floor features a dramatic lobby entrance with soaring ceilings, along with 14,500 square feet of available retail space, a portion of which is planned to house a new Valley retail banking branch. Newmark Vice Chairman David Simson represented Valley in its new headquarters lease.
“As Valley continues to evolve into a forward-thinking financial institution, we view Morristown as the ideal location for our immediate and long-term future,” remarked Valley CEO Ira Robbins.
“Having partnered with and supported many Morristown organizations and nonprofits over the years, we are excited to establish a permanent home within this vibrant community. SJP Properties has a proven track record of creating and operating exceptional workplaces that propel the success of the businesses that occupy them — making them the perfect partner to envision and build our new base of operations.”
Situated directly across the street from the recently renovated Hyatt Hotel, Top Golf and 1776 On the Green restaurant, amidst the breadth of shops, lifestyle amenities, restaurants and cultural experiences that make Morristown one of the most livable townships in Northern New Jersey, Valley’s new headquarters is well positioned to offer access to Morris County’s world-class labor pool.
“Valley’s relocation to Morristown will serve as a major force to further invigorate our dynamic downtown ecosystem,” said Morristown Mayor Timothy Dougherty.
“By bringing Valley’s growing workforce to Speedwell Avenue, within walking distance of a plethora of retail and dining options, the development will have an enormous impact on the local economy. We look forward to welcoming Valley — a company that has supported our community for decades — to its new home.”
In addition to offering its employees immediate access to Morristown’s amenities and conveniences, Valley’s new headquarters is situated near public transit options, including the Midtown Direct NJ Transit service to New York Penn Station, creating a suburban office building that confers the benefits of a premier downtown location, making it accessible to Valley associates throughout the region.
Following the demolition and completion of site work on the property, groundbreaking will occur in the spring of 2022 with completion estimated for March 2023.
About SJP Properties
Headquartered in New York City, SJP Properties is a vertically integrated commercial and residential real estate owner, developer, investor, asset manager, construction manager and property manager. The expertise of the company’s core in-house team of professionals encompasses the entire development process, from site selection through coordination of tenant move-in for large multi-phase projects, including numerous Class A build-to-suit developments and individual tenant build-outs. Well known for the creation of unparalleled lifestyle-focused developments, SJP is committed to meticulous design and engineering development plans that reflect a keen understanding of market demand.
@BBetter – so what is your proposal besides criticism? Never a need to build larger office buildings to entice mid size companies to come into town? I’m sure you say are for small businesses but do you not realize how much a company like this helps the local economy?
I think the CRE space has seen the worst possible event that could possibly unfold happen in the last 2 years, and most companies realized how important in office time is to creativity, collaboration, and employee productivity.
Can the Mayor or the Environmental Commission require new commercial construction to allocate part of their rooftops for micro-farms, or native plant species so as to support insects, bees, butterflies who suffer all the harmful effects of the chemicals suburbanites love to dump on their pristine lawns?
Reads like a press release… oh wait, it is.
Well, I’m sure the people with the most to gain from this will be sure to note all the downsides.
Sure seems like if Scotto is involved you can do anything in this town. Just don’t turn a garage into an apartment.
Will be fascinating to see how well these Scotto projects work out when the bottom falls out of the commercial real estate market.
Carolyn, I hate to break it to you, but Morristown is a small city. It is a town in name only. It is a business center, it has an airport, world class hospital, theatre, nightlife, hotels, neighborhoods, and has urban density. It is a regional center, its population is increasing, and hopefully there will be more development.
Carolyn, these 6-7 story buildings and their employees are what keep a lot of those mom and pop business afloat, and allow so many new ones to keep opening. Ask any of them if they are in favor of getting more businesses and their employees in town. The boost to the local economy is tremendous from 680 full time, well paying jobs moving directly into the downtown area. Your view on the local economy is misguided.
And while the stone area of PazzoPazzo was nice when Chef Freddy’s rented it for a bit, it was in need of an update, the business was closed for many years, and it only served the community during the warmer 6 months of the year. The buildings next to it were in disrepair and closed for years. The town should complement the development by allowing businesses, especially restaurants, to have increased public space usage including parks, street and sidewalk usage for their patrons during the warmer months.
Morristown is a TOWN, not a city. Enough 6-7 story buildings and ejecting mom and pop businesses, who have been the backbone of our town.
There was a beautiful garden and stone walls at PazzoPazzo that are being replaced with steel and concrete. Is all this progress? I think not.
This is great. Question: With these large downtown projects, why is there no talk of new hotel development? Hotel rooms will be needed.
Yes KLM, cars will increase in the downtown busy urban area. As it should be. Parking is satisfied by the garage next door. What will also increase are jobs, revenue to local businesses of 680 good paying jobs looking for meeting snacks, breakfast, lunch, dinner, and happy hour drinks. Energy of the area increase. Morristown being named as a HQ for a public company. Partnerships with local charities. And many other ancillary benefits.
Tired of the development critique because people don’t want any traffic in a busy downtown area during the day. The alternative of lackluster development and new business is not better in any way, just so people can drive through town 5 minutes faster. The idea, again, is for these some of these people to also live and hopefully walk or bike to work. Cant critique cars when most Morristown people have to drive to work since there are not that many large companies here, and then also critique business for building here because there’s too many cars.
Morristown is a beautiful town, rich in history and adorned with Georgian style historical homes, austere churches and notable landmarks. The community is supported by colorful and friendly small businesses – the backbone of our state. It’s truly a shame to see some of Morristown’s old charm stripped away with these new projects. How will the increase in traffic volume be offset? The M Station project adjustments to traffic are already going to be a nightmare. Will the retail spaces be filled with small businesses – the hallmark of Morristown – or should we expect big box stores and franchises to be going in? While I can appreciate the use of existing space opposed to clearing new land, I would love to see some of these builders supporting the historic preservation of this beautiful town instead of just walking away with a huge check after installing a modern building.
What pastoral landscape? Everywhere I look there is construction and not development of green space.
Also, has anyone done a traffic study for this and the many building/condo projects in the morristown/morris township area?
Awesome!!