Real Estate

Deloitte Signs 110,000 Square Foot Lease in Morristown

SJP Properties and Scotto Properties announced that professional services organization Deloitte has signed a lease for 110,000 square feet at M Station, a proposed mixed-use redevelopment comprising two headquarters-quality, class A office and retail buildings in downtown Morristown. The lease is contingent on SJP and Scotto receiving full municipal approvals for M Station.

Designed by architecture firm Gensler in close collaboration with SJP, M Station is poised to be Morristown’s most significant commercial development in more than 30 years. The development intends to invigorate Morristown’s downtown, attracting high-quality commercial tenants that will support neighborhood retailers and restaurants, while delivering new retail options and enhancing the pedestrian experience with the creation of a tree-lined promenade along Morris Street, as well as critical infrastructure improvements.

“We are thrilled to have an organization of Deloitte’s caliber as the anchor tenant for M Station,” stated Steve Pozycki, founder, chairman and CEO of SJP Properties. “To the credit of Morristown’s leadership and its vibrant business community, Morristown has firmly established itself as a world-class town, with a charming downtown district, Midtown direct train service, and excellent housing options. M Station will complement these attributes by delivering class A office space that will energize downtown businesses during daytime hours, creating a true ‘live/work/play/stay’ environment in Morristown.”

Deloitte plans to relocate its operations in Parsippany, N.J., to M Station, and will occupy all of the office space — floors 2 through 6 — of M Station East, which is planned to be six stories and approximately 120,000 square feet, including 10,000 square feet of first-floor retail space, as well as lobby and building services areas. M Station West is planned to be seven stories and approximately 253,000 square feet, which includes over 230,000 square feet of office space and 23,000 square feet of retail, plus lobby and building services areas.

“Our transition to M Station reflects Deloitte’s commitment to our people, to our clients and to New Jersey,” said Paul Krieger, New Jersey managing partner, Deloitte LLP. “This space will promote a collaborative, sustainable work environment that will help us serve clients with distinction, while anticipating the needs of today’s workforce.”

Designed to achieve LEED certification, M Station’s two buildings will be bridged by a 1,000-car parking structure that will be constructed in two phases and include public parking for the development’s on-site retail. To enhance the pedestrian experience, the two buildings will be set back from Morris Street a generous 45 feet to create a landscaped pedestrian promenade and two public plazas with seating, improving the area’s walkability, particularly between the nearby New Jersey Transit station and The Morristown Green.

The development team has also planned a roundabout for the intersection of Morris and Spring Streets to reduce the queuing and congestion of cars entering and leaving The Green, making it safer for both drivers and pedestrians.

Cushman & Wakefield brokered the lease transaction for both parties. David Stefancic, Lexis Livengood, Ben Brenner and Josh Cohen represented Deloitte, while Robert Donnelly, Robert Donnelly, Jr. and Brian Decillis represented SJP and Scotto.

Situated within an area slated by Morristown for redevelopment, M Station will replace a retail strip center located on Morris Street between Lafayette Avenue and Spring Street.

To access more business news, visit NJB News Now.

Related Articles: