Commvault this week said in its recent earnings call that it intends to sell its corporate headquarters in Tinton Falls and lease back only a small footprint of the existing space.
“We believe this is fiscally responsible,” Gary Merrill, its chief financial officer, said on the call. “Like many companies in our industry, we have evolved into a more flexible, hybrid workplace.”
The data management giant, which has called the Tinton Falls complex home since 2015, said the sales transaction is expected to close in the first half of fiscal 2024 with proceeds of approximately $40 million, while it includes a due diligence period for the buyer and is contingent on receiving certain government approvals.
Commvault’s arrival at Fort Monmouth represented the first large-scale investment at the former Army base in 2011, when the Fort Monmouth Economic Revitalization Authority purchased acreage.
Designed by Livingston-based Rotwein+Blake, the facility was slated to bring more than 900 employees to a site roughly a mile north of Route 36 and just east of the Garden State Parkway.