SJP Properties JV Surpasses New Jersey Bank Headquarters – Commercial Property Executive

Valley National Bank headquarters. Image courtesy of SJP Properties

A joint development company between SJP properties and Scotto properties has completed the construction Valley National Bank‘s new headquarters, a 120,000-square-foot custom-built office project in Morristown, NJ

The building is scheduled for completion in spring 2023. Valley National Bank will bring more than 660 employees to the new development as it relocates its operations from Wayne, NJ

Designed by Gensler, Valley’s new headquarters will be built on five lots of vacant buildings, with both sustainability and the current office work environment in mind. Aiming at achieving LEED certification, the project will incorporate energy-efficient and health-oriented designs and constructions into its operations, such as: B. MERV filtration, UV light purification, energy-efficient lighting fixtures, digital controls, and more accurate energy and consumption monitoring.

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Building amenities include movable glass walls leading to indoor and outdoor alfresco patios, concierge services, and 14,500 square feet of retail space on the ground floor. The development is across from many of the area’s major retail, dining and entertainment venues as well as the NJ TRANSIT public transportation hub; it is within 15 miles of Newark and 30 miles from New York City.

The changing office landscape

The construction of Valley’s new operating base is taking place as office managers and operators across the country consider the irrevocable changes in the industry. A recent survey of office managers and operators from the Building Owners and Managers Association, as well as several large commercial real estate services companies, shows an increasing desire for flexible, sustainable office space, particularly as actual occupancy rates vary and telecommuting appears to be here to stay. Such a desire for change has been accelerated by the pandemic and health concerns, but also takes into account increased energy, construction and maintenance costs.

A slightly cheaper alternative to New York City and Newark, the suburbs have seen an abundance of leasing and development activity. For its part, the office market in northern New Jersey is holding up, with many new developments and leases being signed in the suburbs. According to data from a new mark report from the same period.


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