Technology startup company TetherView spent January settling into its new location on the third floor of the approximately 42,300 square-foot Russel Hall building in Oceanport. The private cloud computing services company signed a sublease for the property on December 18, 2015, in anticipation of closing on the purchase in the next few months.
TetherView, which is relocating to Fort Monmouth from Staten Island, has indicated that it will make renovations to the property. In the move to Russel Hall, TetherView will bring a total of 30 jobs, with the expected creation or relocation of 75 additional full-time jobs within two years. TetherView anticipates renovating the balance of the building in phases to accommodate possible tenants, which may include technology incubators.
Tetherview Chief Executive Officer Michael Abboud, an Oceanport resident, 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.
“Years from now, when the Fort Monmouth Economic Revitalization Authority (FMERA) has completed its goal of housing a technology hub here on Fort Monmouth, we’ll be able to look back and say we were one of the first companies in the door,” Abboud said.
FMERA shares TetherView’s enthusiasm for the company’s move to Fort Monmouth.
“In addition to bringing jobs to the region, TetherView has indicated an interest in cultivating new opportunities for startup companies,” FMERA Deputy Director Dave Nuse said. “From our perspective, that’s a home run.”
At its October 2015 meeting, the FMERA Board approved a Purchase and Sale Agreement & Redevelopment Agreement (PSARA) with TetherView for the Russel Hall parcel. Russel Hall is on property FMERA is set to acquire via a negotiated Phase 2 Economic Development Conveyance (EDC) Agreement with the Army. Once that occurs, TetherView will purchase the Russel Hall property. FMERA continues to work aggressively to complete negotiations on the Phase 2 EDC Agreement with the Army and receive a deed to the property.