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Following a high-profile exit from the property to close out 2024, KPMG will move its New Jersey office to HQ Plaza in Morristown.

The Big Four accounting firm signed a lease for 66,000 square feet at the downtown property. It will occupy the four top floors of the West Tower at the Olnick Organization and Fisher Development-owned complex.

KPMG confirmed to NJBIZ it will make the move from its current New Jersey base in Short Hills. ROI-NJ first reported the deal Tuesday morning.

“KPMG will be relocating its Short Hills office to Morristown in the Fall of 2026 to better accommodate its employees in the area,” a KPMG spokesperson told NJBIZ. “This move represents a 20% expansion in space and will provide direct connectivity to New York Penn Station, notably, our new headquarters at Two Manhattan West opening in approximately a year.”

According to the spokesperson, approximately 1,000 employees will be coded to the new office.

The high-profile addition comes after two longtime tenants said they would depart the 1 million-square-foot property, amid an ongoing transformation at the site.

Last month, Riker Danzig said it will relocate to nearby Madison after 40 years at the former Headquarters Plaza. Meanwhile, Mehtani Restaurant Group also revealed in December it plans to close its three concepts at the Hyatt Regency hotel in HQ Plaza: Mehndi, Ming II and SM23.

An office destination

Cushman & Wakefield Executive Vice Chairman Robert Donnelly and Vice Chairman Robert Donnelly Jr. handle leasing for HQ Plaza and represented ownership in the deal. CBRE Vice Chairman Jeff Babikian and First Vice President Conor Dolan represented the tenant.

Morristown has drawn a number of high-profile additions to its corporate tenancy in recent years. Valley National Bank built a new, ground-up headquarters along Speedwell Avenue in recent years. And, SJP Properties’ M Station developments have successfully drawn tenants such as Sanofi and Deloitte.

“This transaction further confirms that downtown Morristown and HQ Plaza are solidifying their place as the No. 1 office location in Northern New Jersey for users of varying sizes, with KPMG joining several other major corporations relocating here,” Donnelly said. “The strategic location and the comprehensive amenities offered at HQ Plaza make it an unmatched workplace destination for today’s leaders planning for their company’s future.”

To kick off 2024, the HQ Plaza team unveiled a shortened name, as well as plans to reimagine the landmark property. The work aims to activate public spaces within and without by creating open, flexible and vibrant spaces.

When the project was announced, Fisher Development put the approximate price tag for the work underway at approximately $7 million.

‘Another strong addition’

“We are pleased to welcome KPMG to HQ Plaza,” commented Olnick Organization CEO Seth Schochet. “HQ Plaza has continued to attract major companies making long term commitments to Morristown.  This is a testament to our continued commitment to Morristown along with all the upgrades we have done to HQ Plaza and our prime location.”

Beyond its revitalized main concourse, the mixed-use property features a recently renovated, 256-room Hyatt Regency Morristown Hotel; a 125,000-square-foot retail plaza, a gourmet café, onsite daycare center, a 10-screen AMC movie theater and 40,000-square-foot Crunch Fitness health club with indoor swimming pool.

Tenants also have access to more than 30,000 square feet of meeting space, two large ballrooms and video conferencing services managed by the Hyatt.

“I’m proud to welcome KPMG to Morristown and wish them many years of business success here in our community,” said Mayor Tim Dougherty. “Morristown offers new residents and businesses alike a unique opportunity to experience all that our community has to offer, from our award-winning downtown to our excellent public schools to our wonderful local restaurants and small businesses, which is why so many are choosing to put down roots here.

“KPMG will be another strong addition to our local business community and help complement our vision of bringing more high-quality jobs right here to Morristown.”

Editor’s note: An earlier version of this story incorrectly stated KPMG would occupy two floors at HQ Plaza; it was updated at 9:17 p.m. ET on Jan. 7, 2025.