CIT moving Livingston operations to Morristown, leasing 200K sq.ft. of office space

Financial services company CIT Group Inc. has leased 200,000 square feet of space in Morristown, with plans to relocate its Livingston operations to the site in 2020.

The New York-based parent of CIT Bank told ROI-NJ in a statement that it has signed a 15-year lease at 340 Mount Kemble Ave.

“CIT will relocate its corporate center in Livingston to nearby Morristown in 2020,” the company said. “CIT is pleased to work with the state of New Jersey on this opportunity and is looking forward to continuing to be part of a strong local community. … The new facility will support the company’s continuing operations and provide a modern workspace that best meets the needs of its employees. The move is expected to take place at the end of 2020.”

Real estate services firm JLL said the lease represents roughly half the space at 400,000-square-foot, Class A office building owned by Onyx Equities LLC and PCCP LLC.

The firm’s Timothy Greiner, executive managing director, and Blake Goodman, executive vice president, represented ownership in the transaction. They worked with Onyx’s DJ Venn, senior vice president of asset management, and Adam Karafiol, senior vice president of leasing.

“The lease of this space continues a trend JLL has seen throughout New Jersey,” the firm said. “Companies are relocating to upgraded, renovated assets near transit hubs to align their workplaces with their corporate culture and brand to ultimately attract the best talent in their industry.”

The building is undergoing a multimillion-dollar capital upgrade, including work on the atrium lobby and glass façade, according to JLL.

Another 200,000 square feet remains available at the property, JLL noted.