SJP refis M Station West in Morristown with $132 million permanent loan from PNC

SJP Properties has scored a $132 million loan to refinance M Station West, its highly touted project in downtown Morristown that serves as Sanofi’s flagship New Jersey office.

According to the developer, PNC Bank provided the debt in connection with the roughly 253,000-square-foot building at 100 Morris St. That comes a year after Sanofi unveiled the new office, the home of more than 2,000 employees of the health care giant, part of the transformative two-phase campus that also includes a 120,000-square-foot east building occupied by Deloitte.

The seven-story M Station West building, meantime, also has ground-floor retail space that’s home to The Morris Proper, an acclaimed new restaurant that abuts a tree-lined retail promenade, a courtyard and two outdoor plazas. What’s more, SJP secured approvals last year for M Lofts, a 150-unit luxury apartment project just north on Morris Street.

“M Station West demonstrates what a premier built-to-suit corporate headquarters can deliver for a downtown,” said Steve Pozycki, founder and CEO of SJP Properties. “In a true mixed-use environment, the retail, office and residential components harmonize to create an ideal ecosystem. Closing on our permanent financing validates the building’s strong performance, and our continued faith in the community of Morristown.”

The new loan, which was first reported by Commercial Property Executive, follows a U.S. Bank construction loan that allowed the developer to build M Station West. And the closing comes after its announcement this summer that the Sanofi building received the coveted WELL v2 platinum certification from the International WELL Building Institute, the highest level awarded under the increasingly important WELL Building Standard.

Along with the Gensler-designed M Station, SJP has also built a new 124,000-square-foot headquarters on Speedwell Avenue for Valley Bank.

“The impact of M Station West extends well beyond the office walls,” Pozycki added. “The development has delivered thousands of Sanofi employees to Morristown and new commercial space, helping enhance the local retail landscape, bring in jobs and enliven the surrounding streets. With Sanofi joining Deloitte and Valley Bank in the downtown area, SJP Properties has continued to attract leading corporations, reinforcing Morristown’s position as a hub for top talent in New Jersey.

“We’re grateful to PNC Bank for its support and look forward to building on this momentum as we continue investing in the future of Morristown.”