A rendering of a redesigned lobby at 340 Mount Kemble Ave. in Morris Township
By Joshua Burd
A financial services firm has completed a lease for 200,000 square feet near downtown Morristown, where a joint venture is transforming a vacant former AT&T office complex.
Onyx Equities LLC and PCCP LLC on Thursday announced the lease at 340 Mount Kemble Ave. in Morris Township, a 400,000-square-foot property that is in the midst of a multimillion-dollar upgrade. The tenant, CIT Group Inc., said it has signed a 15-year commitment and expects to relocate its corporate center from Livingston to the Morris County building in late 2020.
The announcement comes three months after the state Economic Development Authority approved a 10-year, $22.2 million tax credit for the company under the now-expired Grow New Jersey program, which sought to help New Jersey retain 700 CIT employees and capture a projected 137 new positions. CIT said at the time that it was also considering an alternate location in White Plains, New York, but the EDA concluded that retaining the company would have a net benefit to the state of $310 million over 20 years.
“CIT is pleased to work with the state of (New Jersey) on this opportunity and is looking forward to continuing to be part of a strong local community,” the company said in a prepared statement. “CIT signed a 15-year lease at 340 Mount Kemble Ave. for about half of the building. The new facility will support the company’s continuing operations and provide a modern workspace that best meets the needs of its employees.”
JLL Executive Managing Director Timothy Greiner and Executive Vice President Blake Goodman represented ownership in the lease, working closely with DJ Venn, Onyx’s senior vice president of asset management, and Adam Karafiol, its senior vice president of leasing.
The building, which is just outside Morristown, is part of a vacant former AT&T property that Onyx and PCCP acquired in 2017. The investment group is transforming the property through sweeping exterior and interior renovations, including the creation of a dramatic, full-height glass façade, modern finishes, above-average finished ceiling heights and state-of-the-art mechanical infrastructure and power systems.
The owners expect to complete the work in summer 2020, Onyx said in a news release. The property’s amenities are designed around a town hall concept, which will include a flexible conference center, an employee lounge, collaborative areas, a full-service café, a fitness center on the ground floor and a barista coffee bar on the first floor.
The JLL team and ownership group continue to market roughly 200,000 square feet of office space at 340 Mount Kemble.