Sanofi moving to Morristown's M Station West building
MORRISTOWN – Sanofi will join accounting firm Deloitte in a new office development downtown by the NJ Transit rail station.
Sanofi, which recently announced it will be moving all its 1,900 employees from its facility on Route 202-206 in Bridgewater to Morristown, will occupy the West Building at M Station being developed by SJP Properties in partnership with Scotto Properties. Deloitte is in the East Building at M Station.
SJP Properties also owns the Somerset Corporate Center on Route 202-206 in Bridgewater opposite the Bridgewater Commons.
Sanofi, the French-owned health care company, will transfer the employees in two phases during the fourth quarter of 2024 and first quarter of 2025.
“Every town needs a symbiotic blend of high-quality office, residential and retail development in order to create a thriving local economy,” said Steve Pozycki, founder and CEO of SJP Properties. “Mayor Tim Dougherty and his administration understood the necessity of bringing high-caliber corporate tenants to Downtown Morristown, which offers an energized nightlife, but lacked the daytime foot traffic critical to supporting local retailers that are the lifeblood of the community."
Sanofi's move from a suburban location along a highway to a downtown location next to a train station may signal a recent real estate trend in New Jersey of suburban office complexes built in the last decades of the 20th century experiencing sizable vacancies.
Several Central Jersey municipalities – Franklin, Bridgewater, Bernards and Warren – are seeing plans to demolish office buildings and replace them with warehouses.
The trend to build office space in Morristown near the NJ Transit train station mirrors Westfield's recent approval of a redevelopment plan for 310,000 square feet of office space in its downtown next to the train station and the vacant Lord & Taylor site.
Westfield officials said one of the main reasons for the redevelopment plan was to bring workers to the downtown area and increase foot traffic for downtown businesses.
Valley National Bank will also be moving its headquarters to Morristown to a new 120,000-square-foot building on Speedwell Avenue also being developed by SJP Properties and Scotto Properties.
M Station replaces a retail strip center on Morris Street between Lafayette Avenue and Spring Street. M Station's two buildings will be bridged by a 1,000-car parking structure that will be constructed in two phases and include public parking for the development's on-site retail.
M Station West will span 260,000 square feet with six stories of office space over ground floor retail space.
Email: mdeak@mycentraljersey.com
Mike Deak is a reporter for mycentraljersey.com. To get unlimited access to his articles on Somerset and Hunterdon counties, please subscribe or activate your digital account.
This article originally appeared on MyCentralJersey.com: Sanofi moving to Morristown's M Station West building
