I was initially annoyed that they painted over the original Morse's sign as the patina was part of the charm of this building, IMHO.
Also, it had been Morse's since 1910 and it was under Morse's ownership that the top 2 floors were added (after a fire in 1927), bringing the building to its current configuration. Just about everybody from the area living today remembers the building only as the Morse's Tea building, and thus the strong historical (and sentimental in some cases) tie to the signage.
It was only known locally as the Jerusalem warehouse because it was built on the site of the former Jerusalem Coffee House, but I don't know if it was ever actually branded the Jerusalem Warehouse through signage. Therefore, creating such signage now could be considered a form of faux heritage.
I can see the reasoning involved, marketability (perhaps somebody might still think Morse's Teas are packaged here?), and feel that it could be much worse as at least they are seeing the value in the original heritage of this building that dates back to 1841. Now that the original Morse's sign is lost, rebranding the building to reflect its original heritage will create a new awareness of it that will be remembered by future generations.
Perhaps in another 30 - 50 years the existing Morse's sign would have faded to the point of being unrecognizable anyway, so creating a new sign now is just covering for the inevitable degradation of the original.
Like I said, it could have been much worse, at least the building hasn't suffered the fate of facadism. Nobody got hurt, nobody died, we can all move on from here.
Source of info