500 Campus Drive in Florham Park — Courtesy: The Garibaldi Group
By Joshua Burd
Northwestern Mutual is on the move in Morris County after leasing more than 21,000 square feet of office space in Florham Park, brokers with The Garibaldi Group announced Tuesday.
The financial services giant, which is relocating from Morristown, is taking space at 500 Campus Drive under a lease with Opal Holdings. The move to the six-building, 1.3 million-square-foot Morris County Financial Center comes as part of a plan to enhance the work experience for employees of the Fortune 500 company, Garibaldi said, along with an optimal location for its clients and visitors.
Jeff Garibaldi Sr. and Jackie Madden brokered the transaction in concert with Matt Holleran, managing partner of Northwestern Mutual’s Morris County office.
“We selected Park Avenue at Morris County for a number of reasons, but the pedigree of the campus itself and that of the companies already located here was an important factor,” Holleran said. “Of course, the location also works well for our team in terms of where they live and where our advisers do the majority of their business, and probably most important, the building is beautiful. The amenities align with what we were looking for and the ownership is hands-on and dependable and has done everything to make us feel at home. We’re very happy with our decision.”
According to Garibaldi, the search spanned more than two years and culminated with a decision in late 2021. The new location will provide Northwestern with amenities ranging from cafeterias and coffee bars to fitness centers and event spaces, plus a newly remodeled space with a clean, modern look and updated technology for employees and clients.
“Our work with Northwestern began before the pandemic and concluded nearly two full years into the pandemic, so the deal reflects a lot of the changes in the market we have seen in real time,” Madden said. “The terms we were able to put together for this location were justifiably competitive, because Northwestern was committed to relocating in a time of great uncertainty in the office market in general, so it was our job to ensure they were able to leverage their positioning. Things are changing quickly, and I’m incredibly glad we were able to come to an agreement that worked well for both sides when we did.”
CBRE’s Greg Barkan represented ownership.
“Our role as Northwestern Mutual’s adviser was to ensure that we aligned them with a quality, well capitalized owner who would deliver a best in class experience throughout a long term relationship,” Garibaldi said. “Opal Holdings has not only proven themselves every step of the way, but they have actually exceeded our expectations.”
