Officials Applaud First Sale of Fort Monmouth Property
CommVault and FMERA reached agreement this week
One of the world’s fastest growing data storage companies is staying in New Jersey and moving to Fort Monmouth.
The state reached a milestone in the redevelopment of the former military installation when the first sale of property was finalized between the Fort Monmouth Economic Revitalization Authority (FMERA) and CommVault, officials said.
CommVault plans to undertake a three-phase project on the 55-acre “Parcel E” site in Tinton Falls. CommVault will make a substantial investment to complete Phase I, which involves the construction of an approximately 275,000-square-foot facility to serve as its worldwide corporate headquarters.
The project will result in the retention of several hundred existing jobs for New Jersey and the creation of new jobs. At full build-out, the company anticipates up to 650,000 square feet of new high-tech office/research space in one or more buildings on the site. Once the three phases of the project are completed, CommVault could create a total of up to 1,500 new jobs in the state.
“By deciding to remain, expand and invest in New Jersey, CommVault is providing further proof that our state is an ideal place for business,” said Lt. Governor Kim Guadagno. “We are pleased to welcome CommVault to Fort Monmouth and will continue to work with the company as they grow in the Garden State.”
In an effort to begin the redevelopment process, FMERA issued its first Request for Offers to Purchase (RFOTP) in October 2011 for Parcel E. Following the evaluation and selection process, the FMERA board approved the purchase-sale agreement with CommVault in April 2012. To further encourage CommVault to remain and grow in the state, the New Jersey Economic Development Authority approved Business Employment Incentive Program and Business Retention and Relocation Assistance Grant awards in March 2012.
FMERA Chairman James V. Gorman thanked CommVault for its commitment to Monmouth County.
“CommVault is a world-class company with an outstanding management team whose dedication and perseverance proved invaluable as we advanced the first sale of property at the Fort,” Gorman said.
“Today is a truly momentous day for the region and for all of us involved in the redevelopment process as we have achieved three key goals: job retention and creation, reinvestment and establishing an anchor that will undoubtedly enhance our ability to attract additional businesses and investors.”