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Purchase and Sale Agreement for Russel Hall Furthers FMERA’s Plan to Create Technology Hub at Fort Monmouth

Russel Hall

Historic Russel Hall in Oceanport, approved for sale to TetherView Property Management

Reinforcing New Jersey’s commitment to bolstering innovation within the Garden State, the Fort Monmouth Economic Revitalization Authority (FMERA) Board this month approved FMERA staff entering into a Purchase and Sale Agreement & Redevelopment Agreement (PSARA) with TetherView Property Management, LLC for Russel Hall and its associated parcel. TetherView, a private cloud computing services company, currently located in Staten Island, New York, plans to renovate and relocate to Russel Hall.

The 4.6-acre Russel Hall parcel in Oceanport features the 42,300-square-foot former Garrison Headquarters building and the accompanying parking area and green space. Under the PSARA, TetherView will also renovate the building to accommodate Monarch Medical, a provider of medical imaging equipment also currently based in Staten Island. Together, TetherView and Monarch will initially occupy approximately 15,000 square-feet of space. In the move to Russel Hall, two companies will bring a total of 30 jobs, with the expected creation or relocation of 75 full-time jobs within two years. TetherView anticipates renovating the balance of the building in phases, as it identifies additional tenants. It also plans to welcome technology incubators to the building.

“New Jersey has always been at the forefront of innovative technologies,” FMERA Director of Real Estate Development Dave Nuse said. “Enabling TetherView to set down roots on Fort Monmouth advances FMERA’s goal of attracting small businesses and technology companies to the region.”

Because the Russel Hall parcel is within the Fort Monmouth National Register Historic District, all redevelopment must be in compliance with the Historic Preservation Design Guidelines approved by the FMERA Board at its March meeting.

The Russel Hall parcel is on property FMERA is set to acquire via a negotiated Phase 2 Economic Development Conveyance (EDC) Agreement with the Army. FMERA continues to work aggressively to complete negotiations on the Phase 2 EDC Agreement with the Army and receive a deed to the property.