SJP Properties and Scotto Properties Announce New Headquarters for Valley National Bank in Morristown, N.J.

Demolition begins to make way for next-generation built-to-suit workplace within Morristown’s renowned transit-oriented downtown

MORRISTOWN, N.J.--(BUSINESS WIRE)-- SJP Properties, in partnership with Scotto Properties, today announced that demolition is underway at the future site of the new high-performance headquarters for Valley National Bank (NASDAQ:VLY), one of the largest and most prestigious banking institutions in the country. Upon completion in March 2023, Valley’s new base of operations is expected to bring more than 660 professionals to Morristown’s thriving downtown district.

A rendering of SJP’s planned development on Speedwell Avenue in Morristown, NJ. Courtesy of Gensler.

Envisioned by SJP Properties in close collaboration with renowned global architecture firm Gensler, Valley’s new headquarters will replace a string of vacant structures located on five lots along Speedwell Avenue. As the only developer executing new modern built-to-suit office projects on behalf of owners and tenants in New Jersey, this new building represents the second corporate headquarters that SJP Properties has brought to Morristown in the last two years, following the signing of Deloitte as the anchor tenant of M Station in early 2020.

Designed to achieve LEED certification and create an urban environment that appeals to today’s discerning workforce, Valley’s headquarters is a modern interpretation of the masonry tradition of historic Morristown, featuring a careful balance of glass, metal and warm brick tones that embraces the character of the neighborhood. Reflecting SJP Properties’ decades-long commitment to creating inspiring workplaces that integrate meaningful technology, sustainability measures, and concierge-style services that bolster the employee experience, the building will be ideally suited to attract and retain top talent that demands more than a traditional suburban office building.

“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 Steve Pozycki, CEO of SJP Properties. “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. 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.”

Valley intends to relocate its operations from Wayne, N.J. to its new headquarters in Morristown, which offers approximately 120,000 square feet of office space and hallmarks that include floor-to-ceiling windows, abundant natural light, and skyline views. Operable glass walls open to three outdoor terraces, creating an indoor-outdoor environment that makes Morristown’s pastoral landscape part of the workplace. The ground floor features a dramatic lobby entrance with soaring ceilings, along with 14,500 square feet of available retail space, a portion of which is planned to house a new Valley retail banking branch. Newmark Vice Chairman David Simson represented Valley in its new headquarters lease.

“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,” remarked Valley CEO Ira Robbins. “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. 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.”

Situated directly across the street from the recently renovated Hyatt Hotel, Top Golf and 1776 On the Green restaurant, amidst the breadth of shops, lifestyle amenities, restaurants and cultural experiences that make Morristown one of the most livable townships in Northern New Jersey, Valley’s new headquarters is well positioned to offer access to Morris County’s world-class labor pool.

“Valley’s relocation to Morristown will serve as a major force to further invigorate our dynamic downtown ecosystem,” said Morristown Mayor Timothy Dougherty. “By bringing Valley’s growing workforce to Speedwell Avenue, within walking distance of a plethora of retail and dining options, the development will have an enormous impact on the local economy. We look forward to welcoming Valley — a company that has supported our community for decades — to its new home.”

In addition to offering its employees immediate access to Morristown’s amenities and conveniences, Valley’s new headquarters is situated near public transit options, including the Midtown Direct NJ Transit service to New York Penn Station, creating a suburban office building that confers the benefits of a premier downtown location, making it accessible to Valley associates throughout the region.

Following the demolition and completion of site work on the property, groundbreaking will occur in the spring of 2022 with completion estimated for March 2023.

About SJP Properties

Headquartered in New York City, SJP Properties is a vertically integrated commercial and residential real estate owner, developer, investor, asset manager, construction manager and property manager. The expertise of the company’s core in-house team of professionals encompasses the entire development process, from site selection through coordination of tenant move-in for large multi-phase projects, including numerous Class A build-to-suit developments and individual tenant build-outs. Well known for the creation of unparalleled lifestyle-focused developments, SJP is committed to meticulous design and engineering development plans that reflect a keen understanding of market demand.

Having sustained an unblemished track record of success, SJP has established relationships with many of the industry’s leading investors and financial institutions, providing unparalleled access to capital. For more information, call 212-335-2200 or visit www.sjpproperties.com.

About Valley

As the principal subsidiary of Valley National Bancorp, Valley National Bank is a regional bank with approximately $43 billion in assets. Valley is committed to giving people and businesses the power to succeed. Valley operates many convenient branch locations across New Jersey, New York, Florida and Alabama, and is committed to providing the most convenient service, the latest innovations and an experienced and knowledgeable team dedicated to meeting customer needs. Helping communities grow and prosper is the heart of Valley’s corporate citizenship philosophy. To learn more about Valley, go to www.valley.com or call our Customer Care Center at 800-522-4100.

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Jordan Rankin

jordan.rankin@antennagroup.com

Source: SJP Properties