CommVault Brings Significant Investment, Job Creation to Region
EATONTOWN, NJ – January 30, 2013 – (RealEstateRama) — One of the world’s fastest growing data storage companies is staying in New Jersey and moving to the Fort. The State today reached a significant 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.
The global technology leader 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 and lauded the company for its integrity and resilience throughout the multifaceted process.
“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.”
In August 2010, Governor Chris Christie signed into law the “Fort Monmouth Economic Revitalization Authority Act,” creating FMERA and charging it with advancing the Reuse and Redevelopment Plan authored by FMERA’s predecessor agency, the Fort Monmouth Economic Revitalization Planning Authority.
Led by Chairman Gorman, FMERA Board members include EDA Chairman Alfred Koeppe, Governor’s Authorities Unit Director Regina Egea, Monmouth County Freeholder Lillian Burry, Eatontown Mayor Gerald Tarantolo, Oceanport Mayor Michael Mahon, Tinton Falls Mayor Michael Skudera, New Jersey Department of Community Affairs Commissioner Richard E. Constable III, Department of Environmental Protection Commissioner Bob Martin, New Jersey Department of Labor & Workforce Development Commissioner Harold Wirths, New Jersey Department of Transportation Commissioner James Simpson, and Public Members Dr. Robert Lucky and Robert Ades.
For more information on FMERA, visit www.fortmonmouthredevelopment.com.