115 Tabor Road in Morris Plains
By Joshua Burd
Honeywell International has offloaded its 465,000-square-foot former headquarters building in Morris Plains, selling the property to a Manhattan-based investment firm.
The buyer, Argent Ventures LLC, purchased the complex at 115 Tabor Road for an undisclosed price. It’s now reportedly leasing a sizable portion of the property back to Honeywell, which opened the campus in 2015 but announced two years ago that it would move its headquarters to North Carolina.
The CBRE team of Jeffrey Dunne, Jeremy Neuer, Travis Langer and Zach McHale marketed the property on behalf of the technology and manufacturing giant. CBRE’s Donna Falzarano and James Gunning arranged acquisition financing.
Based in Midtown Manhattan, Argent Ventures also owns a two-building, 363,000-square-foot office portfolio in West Windsor that it acquired in 2019. With the Honeywell building, it has gained an amenity-rich, headquarters-quality property that is barely five years old and part of the high-end Morris County submarket.
The property also includes parking for more than 1,000 cars.
Honeywell moved to the 40-acre campus in fall 2015 amid great fanfare, but also controversy. The company was considering a move to Pennsylvania at the time, but opted to stay after Gov. Chris Christie famously stepped in and secured a $40 million Grow New Jersey tax credit to help keep it from leaving the state.
The Fortune 100 company, which was based a few miles away in Morris Township, subsequently acquired what had been a vacant building shell at 115 Tabor Road. The complex was originally intended for Pfizer but never occupied, as the drug maker sold the business unit that was slated to move there.
In late 2018, Honeywell announced that it was moving its headquarters out of the state, after all, to Charlotte, North Carolina. The company said at the time that it would keep about 1,000 employees in New Jersey across six different locations, including about 800 in Morris Plains.
