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Deals & Dealmakers

SJP Properties and Scotto Properties Break Ground on Valley National Bank’s New HQ in Morristown, N.J.

The new state of the art headquarters for Valley National Bank (NASDAQ:VLY) — one of the largest and most prestigious banking institutions in the country — broke ground today and was celebrated with a ceremony hosted by SJP Properties, Scotto Properties, and The Donnelly Family Trust at the future site of the building in downtown Morristown, N.J. One of the only new office projects of significance under construction in New Jersey, Valley’s new headquarters is expected to bring more than 660 professionals to Morristown’s dynamic downtown upon its estimated completion in the spring of 2023. The ceremony was attended by project partners, Valley executives, Morristown Mayor Timothy Dougherty, and Town officials.

“Breaking ground on this milestone commercial development — the second new headquarters building for Morristown in just the last two years — cements our town’s stature as an in-demand hub for corporations that want to offer their workforces more than just a great building, but an entire community rich with culture and connectivity,” Mayor Dougherty said. “We’re eager to welcome Valley into the fabric of our renowned community and enjoy the enriching symbiotic relationship that Valley’s corporate workforce presence will share with our downtown businesses, associations and institutions.” 

A modern build-to-suit office building designed by global architecture firm Gensler, Valley’s new headquarters marks the second corporate headquarters that SJP Properties has brought to Morristown in just the past two years; later this month, SJP will complete construction of Deloitte’s New Jersey headquarters at M Station, a multi-phase, mixed-use office and retail development situated within steps of the Morristown Train Station. These two projects collectively solidify Morristown’s position among the most coveted office markets in the region, offering industry-leading companies and their workforces a transit-oriented, amenity-rich community teeming with activity. 

“This new headquarters is a critical facet of Valley’s commitment to creating a world-class experience for our professionals that inspires and energizes them every day,” said Valley CEO Ira Robbins.Modern, tech-enabled and sustainable in design, our new home will reflect our values as an organization. Perhaps most importantly, it will enable our people to be part of the vibrant Morristown community, where we have established valued relationships with numerous local organizations and nonprofits over many years. We’re eager to make the move and have full confidence in the very capable development team led by SJP Properties to realize our vision.” 

Valley’s new headquarters along Speedwell Avenue is a modern interpretation of the masonry tradition of historic Morristown, with a balance of glass, metal, and warm brick tones that embraces the character of the neighborhood. Designed to achieve LEED certification and create an urban environment that appeals to today’s discerning workforce, the building reflects SJP Properties’ longstanding commitment to creating healthy, sustainable and inspiring office ecosystems. The building’s technological advances include improved air quality using a combination of enhanced MERV filtration and UV light purification, advanced digital controls, energy-efficient base building systems that feature variable frequency drives, solar reflective roofing, low flow water fixtures, energy and consumption metering, and energy-efficient lighting. By integrating meaningful technology, sustainability measures, and concierge-style services that bolster the employee experience, the building will be ideally suited to help Valley attract and retain top talent that demands more than a traditional suburban office building.

“Having a forward-thinking, best-in-class office environment is only half the battle when it comes to staying nimble and competitive in today’s recruiting market — connectivity to a vibrant community that serves as its own lifestyle amenity to the workforce is just as crucial,” said Steve Pozycki, CEO of SJP Properties. “The ability to leverage a desirable residential area that’s also a center of commerce with a population of skilled professionals is key to creating a headquarters for Valley that sets them up for the future. We’re privileged to work with the Town of Morristown and our colleagues at Scotto and Newmark to bring this project to fruition.” 

SJP Properties shared its vision for Speedwell Avenue’s redevelopment with Newmark Vice Chairman David Simson, who ultimately helmed the search for Valley’s new headquarters and represented the national bank in its lease. 

Valley will relocate its operations from Wayne, N.J. to its new headquarters in Morristown, which offers approximately 120,000 square feet of office space that features floor-to-ceiling windows and abundant natural light. Operable glass walls open to 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 as a retail community cafe.

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

In addition to offering its employees immediate access to Morristown’s amenities and conveniences, the building is in close proximity to 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 and making it accessible to Valley associates throughout the region. 

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