110,000 square feet of new, two-story commercial space to be developed atop Silverman’s existing retail stores at 58 South Street
JLL has been selected by The Silverman Group, a leading New Jersey-based private equity and real estate development company, as exclusive leasing agent for 110,000 square feet of new, Class-A office space to be developed in downtown Morristown.
The two-story space will be constructed atop Silverman’s existing 27,790 square feet of retail space at 58 South Street and 10 Pine Street. The addition will add 110,000 square feet of brand-new office space. A 290-space mechanical parking deck will be constructed behind the building on the footprint of the current parking lot.
The JLL team of Frank D.Recine, executive managing director; Blake Goodman, executive vice president; and Jon Compitello, vice president, will provide a full range of marketing and leasing services for the space.
“We are very excited to work with the Silverman Group on this extraordinary project,” said Recine. “Morristown, one of Northern New Jersey’s most sought-after business locations, is experiencing dramatic commercial office demand. Access to the Morristown train station and the vast walkable amenities of Downtown Morristown resonate with a diverse range of companies seeking new, high-tech space in the heart of Morristown.”
“There are no existing properties in downtown Morristown that can accommodate tenants seeking 30,000 square feet of space,” said Compitello. “The Silverman Group is meeting this demand and creating a dynamic new opportunity with this development.”
The New Jersey-based Silverman Group has recently completed development projects in Nashville, Tennessee; Charlotte, North Carolina; Charleston, South Carolina;Atlanta,Georgia;Jacksonville, Florida; White Hall Township, Pennsylvania; and Bethlehem, Pennsylvania.The Silverman Group also completed the construction of its headquarters in Basking Ridge, New Jersey, in 2018 as well as an apartment project in Morristown, New Jersey located at Turtle Road.
JLL is a leader in the northern/central New Jersey commercial real estate market, with more than 1,000 professionals and support staff providing agency leasing and property marketing, tenant representation, industrial services, strategic consulting, occupancy planning, workplace strategies, project and development services, property and facility management, and investment sales/capital markets services to New Jersey's leading corporate tenants, investors and landlords. The firm, which assists clients from four full-service offices in Parsippany, Iselin (Metropark), Princeton and East Rutherford, also acts as a local service provider for JLL’s global and national corporate clients in need of real estate assistance in New Jersey.
About the Silverman Group
The Silverman Group is a family owned and operated private equity and real estate development organization based in Basking Ridge, New Jersey. The firm owns and manages over 16,000,000 square feet of office, industrial, retail, and aviation properties as well has ownership in 3,500 multi-family units throughout the United States. It has over 2,500,000 square feet of commercial space and 2,000 multi-family units currently under development in three states.
AboutJLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
