This article has been provided by Bisnow.com.
Morristown, New Jersey, looks set to welcome a major new corporate resident.
Deloitte, one of the Big Four global financial services firms, has agreed to lease 110K SF at M Station, a proposed development from a joint venture of SJP Properties and Scotto Properties. The nearly 375K SF project would be split between two office buildings, each with retail on the ground floor, and a five-story, 1,000-car parking garage, according to a press release from the JV.
M Station would replace a neighborhood shopping center owned by Scotto Properties at the busy intersection of Morris and Spring streets, about 500 feet from the Morristown station of the New Jersey Transit commuter rail line to New York. Central town square Morristown Green sits one block away.
Though M Station has already received approval from Morristown City Council and the planning board, Deloitte’s lease is contingent upon the project receiving final approval for a detailed plan from the JV, including the particulars of a roundabout it plans to add to the corner of Morris and Spring streets, local news website Morristown Green reports.
Deloitte will occupy the entire office portion of M Station East, comprising the second through sixth floors and sitting atop 10K SF of retail. M Station West is planned to rise seven stories and 253K SF, with six floors of office space above 23K SF of retail, plus an office lobby and building services.
Despite the massive parking garage, SJP and Scotto plan to heavily invest in the pedestrian experience surrounding M Station. Site plans call for both buildings to be set back 45 feet from the street, with a tree-lined promenade and two public plazas with seating to stitch together Morristown Green and the train station for pedestrians.
At the council hearing to approve M Station, Morristown’s head planner, Phil Abramson, praised the JV for the thought it gave to the town’s infrastructure through both the pedestrian touches and the traffic circle, Morristown Green reports. He said the project is expected to generate $1M in tax revenue for the city per year once completed, on top of a $950K contribution to the local affordable housing fund.
Deloitte would be relocating its Morris County office from 100 Kimball Drive in Parsippany once M Station East is complete, a timeline for which has not been set. The firm also has New Jersey offices in Jersey City, Princeton and Red Bank.