Professional services giant Deloitte has signed a lease for 110,000 square feet at the planned M Station redevelopment in Morristown, according to the developers, SJP Properties and Scotto Properties.
The lease signing is contingent upon full municipal approvals for the project located in the downtown area along Morris Street between Lafayette Avenue and Spring Street.
Deloitte, which is based in New York but has a large New Jersey presence, would move its Parsippany operations to M Station, occupying the entire office space in the M Station East building.
“Our transition to M Station reflects Deloitte’s commitment to our people, to our clients and to New Jersey,” Paul Krieger, Deloitte’s New Jersey managing partner, said in a prepared statement. “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.”
M Station will feature two headquarters-quality, Class A office and retail buildings: M Station East would have six stories, with 10,000 square feet of ground-floor retail and Deloitte’s 110,000 square feet of office space on floors two through six. M Station West would have seven stories and total 253,000 square feet, including 23,000 square feet of retail, lobby and building services space and 230,000 square feet of office space.
“We are thrilled to have an organization of Deloitte’s caliber as the anchor tenant for M Station,” Steve Pozycki, SJP’s founder, chairman and CEO, said in a statement. “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.”
The project will also include a 1,000-car parking structure that would bridge the two buildings and include public parking for the retail component.
The property is being designed by architecture firm Gensler in close collaboration with SJP.
Cushman & Wakefield brokered the lease transaction for both parties, with David Stefancic, Lexis Livengood, Ben Brenner and Josh Cohen representing Deloitte and Robert Donnelly, Robert Donnelly Jr. and Brian Decillis representing SJP and Scotto.