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Valley National Bank is reducing its costs by moving its Florham Park branch location in Morris County to a freestanding retail property.

JLL arranged the long-term lease for the regional bank at 2 Hanover Road. In its Jan. 10 announcement, the global commercial real estate and investment management company said the relocation halves costs for Valley.

JLL Retail Vice President Blake Shanaphy represented the tenant in the lease transaction; Amy Staats, vice president at Englewood Cliffs-based Katz & Associates, represented the unnamed landlord.

Built in 2007, 2 Hanover Road is a corner property located at a signalized intersection with frontage on both Hanover Road and Columbia Turnpike. The 3,865-square-foot building is situated on a half-acre lot with a drive-thru and parking for 25 vehicles.

“This is a powerful move for Valley National Bank that will increase efficiency while positioning the bank to continue to cater to the needs of Florham Park residents,” Shanaphy said. “2 Hanover Rd. is a prime location in one of the county’s most desirable towns. It provides high visibility and heavy daytime traffic as both visitors and residents access nearby amenities, including restaurants, hotels, shops, parks and golf courses.”

Florham Park is home to the New York Jets training facility and corporate neighbors including Conduent, three public schools and two university campuses: Fairleigh Dickinson and Saint Elizabeth.

According to Valley’s website, its current Florham Park branch is located at 187 Columbia Turnpike. Representatives did not immediately respond to a request for comment.

In 2023, Valley Bank moved its headquarters from Wayne in Passaic County to Morristown.

With $61 billion in assets, Valley operates more than 300 branches and commercial banking offices across New Jersey, New York, Florida, Alabama, California and Illinois.

Did you know?

Valley National Bank CEO and Chairman Ira Robbins was recognized as Executive of the Year during the NJBIZ 2023 Business of the Year awards. Read more here.