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Morristown Office Building Listed for Sale Amid Growing Corporate Demand
Fox Rothschild-anchored property at 49 Market Street hits the market as Morristown’s Class A office space sees rising rents and low vacancy
A high-end office building in downtown Morristown, purpose-built for the national law firm Fox Rothschild LLP in 2017, has been listed for sale by commercial real estate firm JLL. The 40,965-square-foot property at 49 Market Street offers prospective investors a rare opportunity to acquire a fully leased, Class A office asset in one of northern New Jersey’s most sought-after submarkets.
The five-story building has served as the home of Fox Rothschild since its completion and still has 6.4 years remaining on its lease. JLL highlights the property's appeal based on its central location, robust transportation links, and proximity to retail and dining options. Situated within walking distance of Morristown Green and NJ Transit rail service, the property is also a short drive from Interstates 287, 80, and Routes 24 and 10.
According to JLL’s marketing materials, the downtown area boasts nearly 1 million square feet of retail space and has continued to attract corporate tenants and high-end developments. Class A office rents in Morristown have surged 42% since 2021 to an average of $48 per square foot, with vacancy rates currently below 10%. This performance outpaces both regional and national markets since the onset of the COVID-19 pandemic.
The property is being marketed by JLL’s capital markets team, including Jose Cruz, Jeremy Neuer, Bradley Wachenfeld, and Michael Kavaler, with additional support from financing experts Michael Klein and Jon Mikula, and leasing advisor Tim Greiner. They note that the current lease is below market rate, presenting potential value for future owners.
Recent corporate interest in Morristown has been underscored by moves from major firms such as Deloitte, Valley Bank, Sanofi, and KPMG, many of which are tied to newly developed or extensively renovated office properties.
49 Market Street was developed by The Hampshire Companies and designed by MHS Architecture. Its location places it steps from popular food and beverage establishments such as Starbucks, Roots, Playa Bowls, and Agricola, reinforcing its appeal as a fully amenitized urban office location.
