Demolition begins at Valley’s new HQ site in Morristown, SJP says

Demolition has begun at the future site of Valley Bank’s new headquarters in Morristown, according to developers SJP Properties and Scotto Properties.

When Valley moves its headquarters from Wayne, it is expected to bring more than 660 workers to Morristown’s downtown district. The high-performance, built-to-suit workplace is slated to break ground in the spring, following demolition and site work, and scheduled for completion in March 2023.

“As today’s recruiting market becomes increasingly competitive, it’s critical to create a workplace environment that excites and encourages professionals to come to the office,” Steve Pozycki, CEO of SJP, said in a prepared statement. “Having a beautiful, yet flexible office design that promotes health and well-being, offers access to the outdoors and is integrated within a vibrant community is no longer a perk — it’s a requirement. With this latest office development in Morristown, we saw the opportunity to leverage the features that make the town a desirable place to work and live, while creating a high-performance headquarters for Valley’s professionals, who will further invigorate the downtown district as they become part of the local community fabric.”

As envisioned by SJP in collaboration with global architectural firm Gensler, the new headquarters building will replace a string of vacant structures spread over five lots on Speedwell Avenue. It will follow on the heels of SJP’s M Station in Morristown, which signed Deloitte as its headquarters tenant in early 2020.

“As Valley continues to evolve into a forward-thinking financial institution, we view Morristown as the ideal location for our immediate and long-term future,” Valley CEO Ira Robbins said in a statement. “Having partnered with, and supported many Morristown organizations and nonprofits over the years, we are excited to establish a permanent home within this vibrant community.  SJP Properties has a proven track record of creating and operating exceptional workplaces that propel the success of the businesses that occupy them — making them the perfect partner to envision and build our new base of operations.”

The new building will include about 120,000 square feet of office space, as well as amenities that include floor-to-ceiling windows, outdoor terraces and more. An additional 14,500 square feet of retail space is expected to include a Valley retail branch. The building is designed to achieve LEED certification.

“Valley’s relocation to Morristown will serve as a major force to further invigorate our dynamic downtown ecosystem,” Morristown Mayor Timothy Dougherty said in a statement. “By bringing Valley’s growing workforce to Speedwell Avenue, within walking distance of a plethora of retail and dining options, the development will have an enormous impact on the local economy. We look forward to welcoming Valley — a company that has supported our community for decades — to its new home.”

Newmark Vice Chairman David Simson represented Valley in the lease transaction.