Board Approves Morgan Stanley Expansion

Morgan Stanley’s presence in Red Bank is expected to grow significantly following approval from the borough’s zoning board to allow the construction of additions to two downtown buildings currently occupied by the financial heavyweight.

Downtown Investors LLC, the owners of several properties on Linden Place and Broad Street currently being utilized by , was granted variances by the board to add more than 7,000 square feet of office space as well as 50 additional parking spaces.

According to the application, Downtown Investors plans on adding additional, ground-floor office space, and building an enclosed, second-floor bridge connecting the two large office buildings at 12 and 20 Linden Place. The application received unanimous approval Thursday.

Mayor Pat Menna lauded the board’s decision saying it paves the way for Morgan Stanley to nearly double its workforce of financial advisors in Red Bank. In a post on his public Facebook page, Menna said when the project is completed Red Bank will be home to one of the financial service firm’s top tier offices in the entire country.

“This is exciting news for our residents, business and artistic community and service industry,” he wrote. “It is a reaffirmation of confidence by the business community in my administration and council’s stewardship of local government during difficult periods.”

To make room for a growing staff, Downtown Investors recently purchased and demolished three homes with the intent of creating more parking. It was immediately unclear when construction was set to begin and when Downtown Investors expects it would be finished.

The ground floor office expansion will measure approximately 4,368 square feet, according to the application. The connecting bridge will add an additional 2,750 square feet to the complex when completed.

During the economic collapse of 2008, Morgan Stanley received a $10 billion loan from the Troubled Asset Relief Program, or TARP, but paid it back in full in June of 2009, a release from the company said.

An official number of employees at Morgan Stanley’s Red Bank offices was not immediately available.