A new build-to-suit office building by SJP Properties and Scotto Properties will bring Valley National Bancorp’s headquarters to downtown Morristown, as depicted in this rendering of the 120,000-square-foot project. — Rendering by Gensler/Courtesy: SJP
By Joshua Burd
A development team is planning a spring groundbreaking for the new 120,000-square-foot office building in Morristown that will become the headquarters of Valley National Bancorp.
SJP Properties, in partnership with Scotto Properties, announced Tuesday that demolition is underway at the project site along Speedwell Avenue, which comprises a string of vacant structures on five lots. Delivery of the new building is slated for March 2023, when Valley Bank is projected to bring more than 660 professionals to the popular downtown.
The lender, which was represented in the lease by Newmark Vice Chairman David Simson, is currently headquartered in Wayne.
“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 wellbeing, 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.”
Designed in tandem with Gensler, the building will be steps from SJP and Scotto’s M Station project, a 373,000-square-foot office and retail complex that will span two buildings along Morris Street. Deloitte LLP is set to occupy the east building under a 110,000-square-foot lease announced in January 2020, with plans to move in as soon as the third quarter.
Valley Bank’s new headquarters is designed to achieve certification on the U.S. Green Building Council’s LEED scale, while featuring a balance of glass, metal and warm brick tones that embraces the character of the neighborhood, according to a news release. SJP also plans to integrate technology, sustainability measures and concierge-style services that bolster the employee experience in order to help the bank attract and retain top talent.
Other design elements include floor-to-ceiling windows, abundant natural light and skyline views, along with operable glass walls that open to three outdoor terraces and a ground-floor lobby entrance with soaring ceilings. The building, meantime, will have 14,500 square feet of available retail space, a portion of which is slated to include a new Valley retail banking branch.
“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,” Valley CEO Ira Robbins said. “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.”
SJP noted that the building will sit directly across the street from the recently renovated Hyatt Regency Morristown, Top Golf and 1776 On the Green restaurant, while tapping into Morristown’s vast selection of shops, lifestyle amenities, restaurants and cultural experiences. The site is also minutes from NJ Transit’s Midtown Direct line to New York Penn Station, among other mass transit options.
“Valley’s relocation to Morristown will serve as a major force to further invigorate our dynamic downtown ecosystem,” Mayor Timothy Dougherty said. “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.”
SJP, Scotto top out first of two buildings at M Station project in Morristown
