The new site, in Morris Plains, includes 40 acres of land and a 475,000-square-foot building complex. Honeywell said the purchase and move will reduce the company's operating expenses.
"This site represents a terrific opportunity for Honeywell," said Rick Kriva, Honeywell's vice president of Global Real Estate. "The new building can more than accommodate our current N.J. employee base, allows for future growth and will enable us to develop a truly world-class global headquarters while staying in Morris County and New Jersey."
A purchase agreement has been signed, Honeywell said, but is subject to the approval of its application with the New Jersey Economic Development Authority for state incentives. Zoning changes would also have been needed.
Honeywell's current headquarters in nearby Morris is 147 acres, with more than half the campus unoccupied.
"After two years and more than 50 public meetings, the opposition's delay tactics and lawsuits bogged down the process and forced us to rethink our plans," Kriva said. "The litigation has created a significant level of risk and uncertainty in the market, leaving us without a reliable and timely way to proceed in Morris Township."