21 Aug 2014
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CommVault to Pay $5.9 Million for Land at Fort Monmouth

Proceeds will be split between the Army and FMERA, which will reinvest the funds into the redevelopment of the fort.

CommVault to Pay $5.9 Million for Land at Fort Monmouth

Officials have accepted a deal with Oceanport's largest company to build its new headquarters on Fort Monmouth property in Tinton Falls.

The deal will be the first sale of property at the fort.

Fort redevelopers Wednesday night passed an amendment to a purchase-sale agreement with CommVault for a parcel of land in in the Charles Wood section of Tinton Falls where the data management firm will build it's new global headquarters.

The property sale is set to close sometime in January at a sale price of $5.9 million, down from a previously agreed price of $6.1 million. The reduction is reportedly due to increased costs CommVault took on in its due diligence process, bringing in engineers of various fields to inspect the property.

The Fort Monmouth Economic Revitalization Authority also approved a developers agreement with CommVault, the county and Tinton Falls that see to the redevelopment of roads leading to and from the property. More on that here.

Tinton Falls recently passed a resolution to move forward with a Payment in Lieu of Taxes program with CommVault that will send more than $300,000 to the borough after the first phase of construction.

CommVault has said it will eventually add 2,000 employees at the new site in addition to its current 500 in its current headquarters in Oceanport. The company is bound by an agreement with FMERA to generate up to 225 of those jobs within three years of moving in. If it doesn't, it will face penalties of $3,000 per job not created.

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