{"id":1004608041,"date":"2022-10-21T11:03:27","date_gmt":"2022-10-21T19:03:27","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004608041"},"modified":"2022-12-08T10:19:28","modified_gmt":"2022-12-08T18:19:28","slug":"sjp-properties-jv-tops-out-new-jersey-bank-hq","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/sjp-properties-jv-tops-out-new-jersey-bank-hq\/","title":{"rendered":"SJP Properties JV Tops Out New Jersey Bank HQ"},"content":{"rendered":"
\"Valley

Valley National Bank Headquarters. Image courtesy of SJP Properties<\/p><\/div>\n

A joint development venture between SJP Properties<\/strong> and Scotto Properties<\/strong> has topped out construction of Valley National Bank<\/strong>\u2019s new headquarters, a 120,000-square-foot build-to-suit office project in Morristown, N.J.<\/p>\n

The building is scheduled for completion in the spring of 2023. Valley National Bank will bring more than 660 employees to the new development, as it relocates its operations from Wayne, N.J.<\/p>\n

Designed by Gensler<\/strong>, Valley\u2019s new headquarters is being constructed over five lots of vacant structures, with both sustainability and the current office working environment<\/a> in mind. Aiming to achieve LEED certification, the project will include energy-efficient and health-focused designs and engineering in its operations, such as MERV filtration, UV light purification, energy-efficient lighting fixtures, digital controls, as well as more accurate energy and consumption monitoring.<\/p>\n

\n

READ ALSO<\/strong>: NAIOP Keynoter on What CRE Investors Should Expect<\/a><\/p>\n

\n

The building\u2019s amenities include moveable glass walls that lead to open-air indoor and outdoor terraces, as well as concierge services and 14,500 square feet of ground-floor retail space. The development is located across from many of the area\u2019s chief retail, dining and entertainment offerings, as well as its NJ TRANSIT public transportation node; it is located within 15 miles of Newark and 30 miles of New York City.<\/p>\n

The changing office landscape<\/h2>\n

Construction of Valley\u2019s new base of operations takes place as office managers and operators nationwide take the industry\u2019s irrevocable changes into account. A recent survey of office managers<\/a> and operators from the Building Owners and Managers Association as well as several from major commercial real estate service firms reveal an increasing desire for flexible, sustainable office space, particularly as actual occupancy rates vary, and remote work appears to be here to stay. Such a desire for change was expedited by the pandemic and health-related concerns, but also takes into account elevated energy, construction and maintenance costs.<\/p>\n

A slightly cheaper alternative to New York City and Newark, the suburbs have witnessed a wealth of leasing and development activity. For its part, Northern New Jersey\u2019s office market holds steady, with its suburban areas signing many new development and leasing deals. Morristown in particular has experienced the highest net absorption rate, with 100,888 square feet coming under occupancy in the third quarter of 2022, according to data from a Newmark<\/strong> report<\/a> from the same period.<\/p>\n","protected":false},"excerpt":{"rendered":"

Valley National Bank is planning to bring more than 660 professionals to this town upon the project\u2019s completion. <\/p>\n","protected":false},"author":3012,"featured_media":1004608042,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,1600,21742,10,21747],"tags":[51758,33112,51757],"class_list":["post-1004608041","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-new-york","category-latest","category-northeast","category-office","tag-scotto-properties","tag-sjp-properties","tag-valley-national-bank"],"acf":[],"yoast_head":"\nSJP Properties JV Tops Out New Jersey Bank HQ - CPE<\/title>\n<meta name=\"description\" content=\"Valley National Bank's new headquarters is being developed in a joint venture between SJP Properties and Scotto Properties.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/sjp-properties-jv-tops-out-new-jersey-bank-hq\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SJP Properties JV Tops Out New Jersey Bank HQ\" \/>\n<meta property=\"og:description\" content=\"Valley National Bank's new headquarters is being developed in a joint venture between SJP Properties and Scotto Properties.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/sjp-properties-jv-tops-out-new-jersey-bank-hq\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-10-21T19:03:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T18:19:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/10\/Valley-Topping-Out-Press-Release-Image-KM_221011_0225-Resized-for-Website-e1666300379339.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"801\" \/>\n\t<meta property=\"og:image:height\" content=\"619\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gabriel Frank\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/sjp-properties-jv-tops-out-new-jersey-bank-hq\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/sjp-properties-jv-tops-out-new-jersey-bank-hq\/\",\"name\":\"SJP Properties JV Tops Out New Jersey Bank HQ - CPE\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/sjp-properties-jv-tops-out-new-jersey-bank-hq\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/sjp-properties-jv-tops-out-new-jersey-bank-hq\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/10\/Valley-Topping-Out-Press-Release-Image-KM_221011_0225-Resized-for-Website-e1666300379339.jpg\",\"datePublished\":\"2022-10-21T19:03:27+00:00\",\"dateModified\":\"2022-12-08T18:19:28+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/cf1bfd2d6753f6ea305911ffd020862c\"},\"description\":\"Valley National Bank's new headquarters is being developed in a joint venture between SJP Properties and Scotto Properties.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/sjp-properties-jv-tops-out-new-jersey-bank-hq\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/sjp-properties-jv-tops-out-new-jersey-bank-hq\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/sjp-properties-jv-tops-out-new-jersey-bank-hq\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/10\/Valley-Topping-Out-Press-Release-Image-KM_221011_0225-Resized-for-Website-e1666300379339.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/10\/Valley-Topping-Out-Press-Release-Image-KM_221011_0225-Resized-for-Website-e1666300379339.jpg\",\"width\":801,\"height\":619,\"caption\":\"Valley National Bank Headquarters. 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