CIT Group Inks Large Lease Deal in Morristown
The New York City-based firm has signed a 15-year lease for 200,000 square feet of space and plans to relocate its corporate operations from Livingston to the Morristown building in late 2020.
MORRISTOWN, NJ—Financial services firm CIT Group has signed a long-term lease for approximately 200,000 square feet of space at the former AT&T complex here at 340 Mount Kemble Ave.
The New York City-based firm released a statement to a number of media outlets that it had signed a 15-year lease for 200,000 square feet of space and planned to relocate its corporate operations from Livingston to the Morristown building in late 2020. The property is owned by a joint venture of Woodbridge, NJ-based Onyx Equities LLC and PCCP LLC of Los Angeles.
The New Jersey Economic Development Authority back in June awarded CIT Group a 10-year, $22.2 million tax credit for the company under the Grow New Jersey program. The incentives were geared to helping retain 700 CIT employees and an estimated 137 new positions. CIT was considering a possible location in White Plains, NY, according to a report in Real Estate New Jersey.
The EDA concluded that the funding under the now expired Grow New Jersey program would have netted the state $310 million over the next 20 years.
“CIT is pleased to work with the state of (New Jersey) on this opportunity and is looking forward to continuing to be part of a strong local community,” the company said in a prepared statement released to Real Estate New Jersey and NJBIZ. “CIT signed a 15-year lease at 340 Mount Kemble Ave. for about half of the building. The new facility will support the company’s continuing operations and provide a modern workspace that best meets the needs of its employees.”
The building owners were represented by JLL executive managing director Timothy Greiner and Blake Goodman, executive vice president. They worked closely with DJ Venn, senior vice president of asset management, and Adam Karafiol, senior vice president of leasing, at Onyx Equities on the lease deal.
The property is in the midst of a multimillion-dollar capital upgrade. Improvements underway include a four-story atrium lobby; a full-height glass façade; modern finishes; above-average finished ceiling heights; and state-of-the-art mechanical infrastructure and power systems. The work is expected to be completed in summer 2020.
The office building’s amenities are designed around a town hall concept, with amenities that include a flexible conference center, an employee lounge, collaborative areas, a full-service café, fitness center on the ground floor with a barista coffee bar on the first floor.
Approximately 200,000 square feet of office space remains available for lease at the building.