With progress toward its goal of creating a technology hub on the Fort already underway, the Fort Monmouth Economic Revitalization Authority (FMERA) sold the Russel Hall parcel to private cloud computing company TetherView on June 23, 2017. The company, which moved to Fort Monmouth from Staten Island, NY, has been subleasing the 42,300-square-foot Russel Hall building since January 2016.
TetherView, which currently resides on the third floor of the building, spent 2016 settling in and renovating its new space. The business anticipates renovating the balance of the building in phases to accommodate possible tenants. Building and leasing information can be found at http://www.russelhall.com/.
In moving to Russel Hall, TetherView has already brought 30 jobs to the Fort and expects to create or relocate an additional 40 full-time jobs within the next two years.
TetherView Chief Executive Officer and Oceanport resident Michael Abboud cited the Fort’s rich history and “phenomenal opportunities” as key factors in his decision to relocate his company to the Fort from New York. He also mentioned the Fort’s ideal location as a deciding factor.
“The TetherView team enjoys the work, live, play environment the Fort has to offer. Being an hour from New York and Philadelphia allows us to attract great talent and provides easy access to clients,” Abboud said.
TetherView announced in January that it had entered into a joint venture with co-working organization vi Collaboration Hub to cultivate talent and community involvement. Vi Collaboration Hub, which is already established at Bell Works in Holmdel, plans to expand its operation into Oceanport by leasing 5,000 square feet within Russel Hall. This partnership will bring additional jobs and opportunities for local entrepreneurs to the Fort.
“When we acquired the balance of the Fort in November, we said that we would be accelerating the rate of redevelopment on Fort Monmouth,” FMERA Executive Director Bruce Steadman said. “The closing with TetherView for the Russel Hall parcel marks the fourth parcel sold in 2017 with more expected in the coming months.”
So far this year, FMERA has closed with Triumphant Life Church for the Main Post Chapel, with the Monmouth County Parks System for Parcel F-3, and with RPM Development Group for the Officer Housing parcel, which marked the first residential development project underway at the former Fort.