Honeywell to purchase new headquarters

MORRIS TOWNSHIP, N.J.—Honeywell has signed a purchase agreement for a new global headquarters in Morris Plains, N.J., according to a company statement.

The company's decision is subject to approval of its application with the New Jersey Economic Development Authority for state incentives under the Grow N.J. Assistance program, the statement said. The company expects to complete the move in 2015.

The purchase agreement includes 40 acres of land, a 475,000 square foot building complex, and a parking garage.

“This site represents a terrific opportunity for Honeywell,” Rick Kriva, Honeywell's vice president of global real estate, said in the statement.  “The new building can more than accommodate our current New Jersey 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.”

Honeywell is purchasing the Morris Plains property and buildings from McNeil-PPC, Inc., a division of Johnson & Johnson. The transaction is expected to significantly reduce future operating expenses for the company and is in line with its goals of streamlining its global real estate footprint.