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Colliers crafts lease extension, expansion at Headquarters Plaza

PLT Health Solutions will occupy 16,500 square feet in the complex's North Tower

Jessica Perry//February 25, 2022

Colliers crafts lease extension, expansion at Headquarters Plaza

PLT Health Solutions will occupy 16,500 square feet in the complex's North Tower

Jessica Perry//February 25, 2022

PLT Health Solutions has been a tenant at Headquarters Plaza in Morristown for more than 30 years, and it’s staying put.

On Feb. 25, Colliers announced it secured a lease extension and expansion for the company – which discovers, develops and markets ingredient solutions to the natural products, food, beverage and cosmeceuticals markets – for 16,500 square feet of space.

Colliers Executive Managing Directors Samuel Horowitz and Chris Hovanec represented the tenant in the transaction, along with Associate Ray Iodice. The landlord was represented by Cushman & Wakefield Executive Managing Director Robert Donnelly and Executive Director Benjamin Brenner.

Headquarters Plaza is comprised of a trio of interconnected towers, along with a 125,000-square-foot retail plaza with two full-service restaurants, a café and the newly renovated The Hyatt Regency Hotel. The agreement – which adds 6,500 square feet – for PLT Health Solutions moves the company to Headquarters Plaza’s North Tower, offering views of the Morristown Green. The 13-floor Class A office building boasts 198,000 square feet.

Headquarters Plaza, Morristown.
Headquarters Plaza, Morristown. – CUSHMAN & WAKEFIELD

Hovanec described the process – which began before the onset of the pandemic – as “unique.”

“[A]s COVID-19 became a fixture in our daily lives, we were forced to reassess and rethink both the market and design of the space,” he said in a statement. “Ultimately, PLT was able to create a workplace for its staff with a new, modern design that supports how the company functions, and delivers an environment that gets staff excited to return to the office.”

According to a statement from PLT Health Solutions Chief Operating Officer Devin Stagg, Morristown is the perfect home for a business with a worldwide reach.

“Morristown, N.J. has been the home of PLT for decades and we consider the location perfect as a headquarters for an expanding global business – with its proximity to the infrastructure and talent pool of the New York Metropolitan area and as a great lifestyle opportunity for all of us who work here,” Stagg said. “Our new facilities reflect the creativity and commitment to human health and environmental friendliness that are hallmarks of the PLT business.”

Colliers said Morristown generated the most leasing activity out of all the Northern New Jersey submarkets through 2021.

According to the company’s Fourth Quarter New Jersey Office Market Report, Morristown saw 305,603 square feet in leasing activity in Q4; approximately 83,000 square feet ahead of the second-highest submarket, the Upper Parkway.

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