SJP Refinances M Station with 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.