An aerial of the former Honeywell International headquarters campus in Morris Township — Courtesy: Vision Real Estate Partners
By Joshua Burd
A joint venture led by Vision Real Estate Partners has acquired a 64-acre swath of the former Honeywell International headquarters site in Morris Township, paving the way for a redevelopment plan that could produce more than 700,000 square feet of new office space.
The firm on Thursday announced the acquisition of the site at Columbia Road and Park Avenue, touting the opportunity to introduce new built-to-suit headquarters opportunities in one of the state’s top suburban submarkets. The site, which is approved for office, research and laboratory development, is less than two miles from downtown Morristown.
“In terms of location, this site offers everything today’s corporate tenants want: access to vibrant downtown amenities, rich mass transit infrastructure and a deep, highly educated labor pool of experienced professionals in tech, pharma and other key growth industries,” said Ross Chomik, managing partner of Vision Real Estate Partners. “From a development perspective, tenants will benefit from the involvement of two highly experienced, high-profile real estate organizations with deep roots in New Jersey’s suburban markets.”
The firm did not disclose the terms of the deal, nor did it identify its partner.
The plans by Vision Real Estate have been the source of buzz among market insiders in recent months. The former Honeywell campus has been vacant since the global technology giant moved its headquarters to nearby Morris Plains, putting the site on the radar of developers and local officials.
In Thursday’s announcement, its new owners said the site can accommodate up to 715,000 square feet. Vision Real Estate is hoping to build on a track record of redevelopment that has resulted in gleaming new headquarters buildings for companies such as Bayer Healthcare, MetLife Investments and others.
“This is not just a development opportunity — it is the development opportunity,” said Sam Morreale, the founder and managing partner of the Mountain Lakes-based firm. “Fortune 500 companies looking to build the type of experiential workplaces that attracts today’s millennial and Generation Z professionals need look no further.”
Morreale said the Columbia Road campus enables the delivery of technologically advanced buildings that meet standards for both wellness and sustainability, while “incorporating every imaginable lifestyle amenity,” along with redundant power and structured parking.
The property is also close to the Morristown and Convent Station train stations, Morristown Jetport and major regional thoroughfares.
“This is the right site and the right development partnership,” Morreale said. “In short, this sizable aggregation enables us to continue our contribution to the reinvention of New Jersey’s suburban office product. We look forward to moving this promising project forward.”
