Honeywell Inc, global automotive and aerospace manufacturing giant, is planning to move its international headquarters to Morris Plains from its current location in the Morris Township in New Jersey. The company plans to move to its new location by 2015.
The company announced Tuesday, Feb. 26 that it has signed an agreement to purchase a new 40 acre complex including a 475,000 square feet building with parking space in the Morris Plains area of New Jersey. The new complex will be equipped with state-of-the-art equipments and technology.
"This site represents a terrific opportunity for Honeywell. The new building can more than accommodate our current N.J. 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," Rick Kriva, Vice President of Global Real Estate of Honeywell, said in a press statement.
Honeywell has purchased the property from McNeil PPC Inc., a unit of Johnson & Johnson company. The purchase comes as an effort to minimize operating costs and focus on its stated goals.
In 2012, the New Jersey Economic Development Authority (NJEDA) approved tax credits worth $40 billion to Honeywell when the company was banking on redeveloping its existing headquarters in Morris Township. However, the company's decision to move is yet to receive approval from NJEDA, reports Bloomberg.
Honeywell has called Morris Township its headquarters for the last 50 years. It had planned to redevelop its campus to add residential, commercial and lab space. However, the current property lies underutilized as 50 percent of the lot remains unoccupied. The buildings in the campus are also outdated and inefficient and add to the operating costs, reports Reuters.
"We could no longer accept additional delays and uncertainty. After two years and more than 50 public meetings, the opposition's delay tactics and lawsuits bogged down the process and forced us to rethink our plans. The litigation has created a significant level of risk and uncertainty in the market, leaving us without a reliable and timely way to proceed in Morris Township." Kriva said.
Though Honeywell will move its headquarters, its flight operations, lab operations and Corporate Technology Center will remain in its old campus.
