Designed by Rotwein+Blake, Commvault’s 275,000-square-foot headquarters in the Tinton Falls section of Fort Monmouth opened in 2015. — Courtesy: R+B
By Joshua Burd
Data management giant Commvault is selling and leasing back a fraction of its 275,000-square-foot headquarters in the Tinton Falls section of Fort Monmouth, it said this week.
The global operator, which has occupied the built-to-suit complex since 2015, announced Tuesday that it had entered into such an agreement after recent approval by its board. The plan calls for an undisclosed buyer to purchase the building for $40 million, while it includes a due diligence period for the buyer and is contingent on receiving certain government approvals.
The sale will likely close in the first half of fiscal year 2024, Commvault said in its recent earnings call. Upon closing, its plans to lease back what an executive described as “only a small footprint of the existing space.”
JLL marketed the property on Commvault’s behalf.
“We believe this is fiscally responsible,” said Gary Merrill, its chief financial officer, according to a transcript of the earnings call. “Like many companies in our industry, we have evolved into a more flexible, hybrid workplace.”
Commvault’s arrival at Fort Monmouth represented the first large-scale investment at Fort Monmouth, following the start of the state’s effort to redevelop the 1,127-acre former Army base, which the government closed in 2011. Designed by Livingston-based Rotwein+Blake, the $100 million facility was slated to bring more than 900 employees to a site roughly a mile north of Route 36 and just east of the Garden State Parkway.
Since then, the state’s Fort Monmouth Economic Revitalization Authority has helped repurpose or taken major steps to reposition some 80 percent of the property’s total acreage, through new development and contracts to sell individual parcels. Most recently, it approved Netflix’s bid to acquire nearly 300 acres, where the streaming giant plans to build 12 soundstages totaling nearly 500,000 square feet and other facilities with a combined investment of more than $900 million.
Netflix wins state approval to build $900 million studio hub at Fort Monmouth
