SJP Properties and Scotto Properties on Tuesday said Deloitte signed a lease for 110,000 square feet at M Station, a proposed mixed-use redevelopment comprising two headquarters-quality, class A office and retail buildings in downtown Morristown.
The Deloitte lease is contingent on SJP and Scotto receiving full municipal approvals for M Station.
Designed by architecture firm Gensler in close collaboration with SJP, the developers hope to invigorate Morristown’s downtown and attract high-quality commercial tenants that will support neighborhood retailers and restaurants.
Steven Pozycki – SJP PROERTIES
“We are thrilled to have an organization of Deloitte’s caliber as the anchor tenant for M Station,” said Steve Pozycki, founder, chairman and chief executive officer of SJP Properties. “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.”
Deloitte plans to relocate its operations in Parsippany to M Station and will occupy all of the office space – floors two through six – of M Station East, which is planned to be six stories and approximately 120,000 square feet. That includes 10,000 square feet of first-floor retail space, as well as lobby and building services areas.
M Station West is planned to be seven stories and approximately 253,000 square feet, which includes more than 230,000 square feet of office space and 23,000 square feet of retail, plus lobby and building services areas.
“Our transition to M Station reflects Deloitte’s commitment to our people, to our clients and to New Jersey,” said Paul Krieger, New Jersey managing partner, Deloitte LLP. “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’s two buildings will be bridged by a 1,000-car parking structure that will be constructed in two phases and include public parking for the development’s on-site retail.
To enhance the pedestrian experience, the two buildings will be set back from Morris Street a generous 45 feet to create a landscaped pedestrian promenade and two public plazas with seating – improving the area’s walkability, particularly between the nearby New Jersey Transit station and The Morristown Green. The development team has also planned a roundabout for the intersection of Morris and Spring Streets to reduce the queuing and congestion of cars entering and leaving The Green, making it safer for both drivers and pedestrians.
Cushman & Wakefield brokered the lease transaction for both parties. David Stefancic, Lexis Livengood, Ben Brenner and Josh Cohen represented Deloitte, while Robert Donnelly, Robert Donnelly Jr. and Brian Decillis represented SJP and Scotto.
