RED BANK — The borough zoning board last Thursday approved a plan to construct a connecting causeway that would join 89 Broad Street, from its rear entrance, 12 Linden Place, to neighboring 20 Linden Place.
According to Jay Herman, a principle in Downtown Investors, LLC, which owns the property and will be responsible for the construction, Morgan Stanley, the financial advisor firm, which currently occupies 89 Broad has merged with Smith Barney, another industry leader, and is seeking the new space to accommodate its operation.
Morgan Stanley has been located in the borough for approximately 20 years, Herman said, and there would be “serious considerations in leaving town,” which prompted discussions about this project.
Under the federal Security and Exchange Commission regulations, the two firms would have to keep their securities business separated. To accommodate their needs, the two structures would remain distinct. But to accommodate the approximately more than 100 employees who would use the locations, plans call for the construction of a bridge. Herman said the bridge would span about 57 feet and be approximately 53 feet wide, with office space. “It would allow Morgan Stanley to operate in a much more efficient way,” Herman said.
The developers, who along with Herman include his son and daughter as principles, also purchased additional property on Linden to address the parking requirement, the elder Herman explained to the board.
“Trust us,” said Todd Herman, a Downtown Investors partner, “Morgan Stanley was not signing the lease until they knew they were parking the cars.”
The project, which has to be completed by October to meet the tenants’ requirements, will be one of the firm’s largest locations in the Northeast, larger than its offices in Philadelphia or Hartford, Connecticut. Their decision to stay in Red Bank shows a commitment to the community and their contributions to the local economy can be felt during workdays as their employees spill out onto Broad Street for lunch and after work activities, the elder Herman told the board.
Numerous calls to Morgan Stanley’s Broad Street location went unreturned this week.