Honeywell to purchase new global headquarters in Morris Plains
February 26, 2013 - Honeywell just announced it has signed a purchase agreement for a new global headquarters in Morris Plains, N.J. The decision is subject to approval of Honeywell’s application with the New Jersey Economic Development Authority (NJEDA) for state incentives under the Grow N.J. Assistance Program. The company expects the move to occur in 2015.
By Anthony Capkun
“This site represents a terrific opportunity for Honeywell,” said Rick Kriva, Honeywell’s VP of global real estate. “The new building can more than accommodate our current New Jersey employee base, allows for future growth, and will enable us to develop a truly world-class global headquarters while staying in Morris County and New Jersey.”
The company expects the transition to the new site will significantly reduce future operating expenses, and is in line with its goal to streamline its global real estate footprint.
The purchase agreement includes 40 acres of land, a 475,000-sf building complex and parking garage. The building retrofits will include Honeywell technologies that will allow for greater energy efficiency and enable the site to be a showcase for the company’s building technology capabilities. More than 50% of Honeywell’s technology portfolio is dedicated to energy efficiency, says the company.
Honeywell’s Corporate Technology Center, Lab Operations and Flight Operations will remain in their current locations.