Morristown's M Station development hits milestone with 'topping out'
Redevelopment continues at a brisk pace in Morristown. The latest milestone arrived this week as developers celebrated the "topping out" of the final phase of construction at the M Station project in the downtown area.
A lynchpin of Morristown's ongoing redevelopment plan − which brought a new Valley National Bank headquarters to town last year − M Station consists of two buildings on Morris Street, about a block from the Morristown Green and near the New Jersey Transit station.
Professional services company Deloitte currently occupies the 6-story M Station East, which was completed in July 2022. The accounting firm brought almost 1,500 employees from its previous location in Parsippany. Pharma giant Sanofi, meanwhile, has signed a lease to occupy the seven-story M Station West and move 1,900 employees from its Bridgewater offices when construction is completed in the first quarter of 2025.
On Thursday, M Station builder SJP Properties, in partnership with Scotto Properties, announced the "topping out" of M Station West, referring to the completion of the building's steel infrastructure
"The topping out of M Station West is a landmark moment in redefining the modern workplace across New Jersey,” said Steve Pozycki, CEO of Parsippany-based SJP. “State-of-the-art, vertically integrated buildings are attracting the most influential corporations in the world. Sanofi joins Deloitte and Valley Bank, which celebrated its grand opening at our new Speedwell Avenue property this fall."
Sanofi moved "from a sprawling, multi-building suburban campus," the announcement said. Valley National Bank, meanwhile, traded in its longtime home in Wayne for a building near the Morristown Green that features retail shops on the ground level, with the bank's 660 employees occupying the five floors above.
"These tenants are turning to SJP for property solutions in amenity-rich locations with unrivaled aesthetics and the most advanced infrastructures ever built in the state,” said Pozycki.
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When completed, the M Station complex will include a 1,000-car parking structure with EV stations, a landscaped rooftop with wellness areas for yoga and outdoor movement classes and ground-floor retail and dining, according to the developers.
Both M Station buildings are set back 45 feet from Morris Street, creating a 10,000-square-foot landscaped promenade and two public plazas with seating.
The project is a piece of the town's redevelopment master plan. Town officials said that once completed, the area should generate about $1 million in annual tax revenue, about 4½ times more than what the owners currently pay. The new complex replaced the Midtown Shopping Center, displacing businesses such as Burger King, Cluck-U-Chicken and the Morris Pizzeria. Cluck-U-Chicken has since relocated to South Street.
As part of the M Station plan, Morristown also constructed a roundabout to improve traffic flow at the intersection of Morris and Spring streets between M Station and the Morristown Green. Redevelopment area bonds were issued to cover the $3.5 million cost, Morristown Administrator Jillian Barrick said in 2022, when construction began.
"I am thrilled to welcome Sanofi to its new headquarters in Morristown," Morristown Mayor Tim Dougherty said in Wednesday's announcement. "SJP and Scotto Properties have successfully executed our vision of a project, which would invigorate our business district, attract leading-edge companies and reinforce our position as one of the top towns in the country to live and work.”
William Westhoven is a local reporter for DailyRecord.com. For unlimited access to the most important news from your local community, please subscribe or activate your digital account today.
Email: wwesthoven@dailyrecord.com
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This article originally appeared on Morristown Daily Record: Morristown NJ development hits final phase with M Station
