The deal further solidifies Morristown as a burgeoning hub for healthcare and business, bringing new jobs to the community.
In a significant business development for Morristown, The Hampshire Cos. has signed a 16,903-square-foot lease agreement with Sanofi’s Consumer Healthcare unit for its recently renovated building at 21 South St., just steps away from the Morristown Green.
The global healthcare company will occupy the first and second floors and part of the third floor of the 43,691-square-foot property. This move follows Sanofi's previous announcement of relocating its flagship New Jersey office to Morristown, leasing 260,000 square feet at SJP Properties' M Station West building, which is still under construction.
Sanofi’s space on South Street will house a division that specializes in medicines and products for various health concerns such as allergy, pain, digestive wellness, cough, cold and flu, as well as physical and mental wellness.
“Every element of 21 South Street’s transformation has been designed with that balance in mind. We are excited to welcome Sanofi to this new space in downtown Morristown.”," said John Durso, chief investment officer and executive vice president of development for Hampshire. The five-story building also serves as Hampshire's headquarters.
Built in 1911 as a bank, the building integrates its historic brick and iron elements with contemporary design, according to Hampshire. The real estate firm moved its headquarters to a 25,665-square-foot space on the building's third and fourth floors in 2021, following renovations.
Approximately 70 employees from Sanofi Consumer Healthcare will move into the new space by late 2024. This influx will be part of the nearly 2,000 workers anticipated to arrive in Morristown once Sanofi relocates its primary New Jersey office from Bridgewater to the under-construction M Station, expected either in late 2024 or early 2025.
This lease agreement enhances Morristown's profile as a growing hub for healthcare and business, likely to have a ripple effect on local employment and the economy.