Developers Of Morristown's "Shops On The Green" Announce Signing Of Starbucks

Starbucks will occupy a corner shop on the ground floor of the 40 Park luxury condominium building on Park Place, across from the Morristown Green. End Quote

New York, NY (1888PressRelease) April 27, 2011 - Roseland Property Company and Woodmont Properties announced today that Starbucks has leased a 2,100 square-foot storefront at the "Shops on the Green" in downtown Morristown, paving the way for the national coffee retailer to return to Morristown after a five-year hiatus.

Scheduled to open this summer, Starbucks will occupy a corner shop on the ground floor of the 40 Park luxury condominium building on Park Place, across from the Morristown Green. A steady stream of automobile and pedestrian traffic whisks by the storefront every day, providing plenty of potential customers.

"One of our goals in developing the Shops on the Green was to attract a mix of retail tenants that enhances the lifestyle offered at 40 Park and that complements the existing base of business in downtown Morristown," said Debra Tantleff, Vice President of Roseland Property Company. "Starbucks certainly fits right in. We're happy to welcome them back to the community, in a storefront that is very close to their original location."

Starbucks served coffee, lattes and cappuccinos to Morristown residents from a shop in the former Epstein's Department Store building until 2006, when Roseland Property Company and Woodmont Properties partnered to redevelop the site. Today, the mixed-use development is thriving with 40 Park more than 75% sold, the adjacent Metropolitan at 40 Park rental building 100% leased, and a number of retail providers setting up shop in the new ground-floor space, including Roots Steakhouse, Urban Table, an AT&T retail story and the soon-to-open Qdoba Mexican Grill.

"A good retail mix is something that benefits everybody in the community and we continue to receive significant interest from retailers who want to take advantage of Morristown's vibrant, pedestrian-friendly downtown," Ms. Tantleff said. "The area's abundant daytime workforce represents a strong market of purchasing power for dining, retail products and services, and the popularity growth of the downtown urban lifestyle is furthering Morristown's reputation as a growing and sustainable retail environment."

The Shops on the Green offers more than 70,000 square feet of retail space that serves as the foundation for the new 76-unit 40 Park condominium building and 130-unit Metropolitan at 40 Park rental building. The retail is highly visible and easily accessible from Market Street, the Morristown Green and the 40 Park public piazza which leads to a new enclosed public parking garage.

For more information on retail opportunities at the Shops on the Green, please call Cushman & Wakefield at (973) 993-1200.
For more information on 40 Park and The Metropolitan at 40 Park, visit the communities' websites at www.40park.com and www.metropolitanat40park.com.

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