GAF to Relocate to Parsippany, Town to Lose 600 Jobs

Approximately 600 jobs are moving out of Wayne due to GAF relocating its corporate headquarters to Parsippany.

The move is the latest blow to the municipalities’ economy that has taken hit after hit in recent years.

GAF will move from its 99-acre campus on Alps Road once renovations are complete on a building on Campus Drive in Parsippany are complete, the company announced Wednesday. The company has been in Wayne for more than 30 years. 

“Our offices in Wayne, as well as this community, have been terrific for us for many years, and leaving here will be difficult,” said GAF President and CEO Bob Tafaro. “However, the building in Parsippany offers us a modern office with improved work efficiencies which will allow us to continue to improve our services to our customers while providing room for future growth.”

The move is expected to happen in 15 months, said James Murphy, GAF's vice president of business development. 

The property is assessed at $11 million. GAF paid nearly $545,000 in property taxes this year. 

Murphy said no plans have been made on what will be done with the property. It is owned by a sister company of GAF's. 

"It is fairly early on in the process," Murphy said. "No plans have been made with regards to the campus yet."

Mayor Chris Vergano and Caryn Luberto, President of the Tri-County Chamber of Commerce, could not be reached for comment.

GAF is just the latest company to close or relocate. Bayer HealthCare relocated its East Coast operations from Wayne and two other locations to Whippany. The Drake’s Bakery on Demarest Drive closed last year after Hostess Brands Inc. filed for bankruptcy and 320 people lost their jobs. That property is on the market for $16 million.

Ashland Specialty Ingredients, which shares GAF’s campus, announced in March it would relocate its laboratory and office space to Bridgewater.

The 83-year-old Van Peenen’s Dairy Farm on Valley Road closed last September. The third-generation owned company was marred with financial problems and debt.

GAF’s announcement comes after officials were enjoying some positive news regarding the local economy.

Haier American signed a 13-year deal to lease a 58,000-square foot building on Valley Road. Work has begun on a new 660,000-square foot building at the Wayne Town Center on Route 23.

— Have a question or news tip? Contact editor Daniel Hubbard at Daniel.Hubbard@patch.com or find us on Facebook and Twitter. For news straight to your inbox, sign up for our daily newsletter.