Valley National Bank making HQ move to Morristown, SJP Properties says

Demolition is underway to transform a series of vacant structures in Morristown into the future headquarters for Valley National Bank.

SJP Properties, in partnership with Scotto Properties, announced the start of work on the project on March 1. A groundbreaking will take place this spring and completion of the project is slated for March 2023, at which time Valley is expected to bring more than 600 professionals to the space in downtown Morristown.

“As Valley continues to evolve into a forward-thinking financial institution, we view Morristown as the ideal location for our immediate and long-term future,” said Valley CEO Ira Robbins in a statement. “Having partnered with and supported many Morristown organizations and nonprofits over the years, we are excited to establish a permanent home within this vibrant community.”

The bank will make the move from Wayne. Its new space in Morristown will offer approximately 120,000 square feet of office space with abundant natural light from floor-to-ceiling windows that also offer skyline views, according to SJP.

“SJP Properties has a proven track record of creating and operating exceptional workplaces that propel the success of the businesses that occupy them — making them the perfect partner to envision and build our new base of operations,” Robbins added.

The work will replace the string of vacant structures across five lots on Speedwell Avenue into a new property geared toward today’s workforce, and designed to achieve LEED certification. SJP said it collaborated with global architecture firm Gensler to envision the new base for the bank, which is a modern interpretation of historic Morristown’s tradition of masonry.

“As today’s recruiting market becomes increasingly competitive, it’s critical to create a workplace environment that excites and encourages professionals to come to the office,” said SJP Properties CEO Steve Pozycki. “Having a beautiful yet flexible office design that promotes health and wellbeing, offers access to the outdoors, and is integrated within a vibrant community is no longer a perk — it’s a requirement.”

Operable glass walls will open to three outdoor terraces to bring the outside into the workplace. On the ground floor, a lobby with “soaring” ceilings — and 14,500 square feet of retail space, a portion of which will host a Valley retail banking branch — will welcome visitors to the space.

“With this latest office development in Morristown, we saw the opportunity to leverage the features that make the town a desirable place to work and live, while creating a high-performance headquarters for Valley’s professionals, who will further invigorate the downtown district as they become part of the local community fabric,” Pozycki said.

This marks the second corporate headquarters SJP Properties has brought to the city in the past two years, after signing Deloitte as the anchor tenant for M Station.

Valley Bank’s new home will be situated across the street from the recently renovated Hyatt Hotel — whose renovations also embraced Morristown history — Top Golf, and 1776 On the Green restaurant.

Newmark Vice Chairman David Simson represented Valley in its new headquarters lease.