B — November 22 - December 5, 2013 — Owners, Developers & Managers — Mid Atlantic Real Estate Journal
www.marejournal.com O wners , D evelopers & M anagers Mixed-use redevelopment planned for Whippany, NJ, site Bayer HQ opening marks milestone for Vision/Rubenstein campus W HIPPANY, NJ ,— The October ribbon cutting for Bayer ’s
new North American head- quarters at 100 Bayer Blvd. in Whippany marked a key milestone for the award- winning redevelopment of a 194-acre, former Alcatel-Lu- cent campus located there, announced Sam Morreale , managing partner and chief investment officer of Vision Equities. Vision Equities, with Ru- benstein Partners , acquired the property comprising 1.4 million s/f of functionally
100 Bayer Blvd., Whippany, NJ
Bayer Healthcare. In less than 18 months, the com- pany’s sustainable, 700,000 s/f facility on the site was designed and constructed in collaboration with Bayer and its engineering and design partners. The additional, 94- acre “south campus” parcel is being master planned for development of new retail, hospitality and residential uses. “Bayer has relocated about 2,400 employees from four locations to Whippany, wrap- ping up the first phase of a project that will have a tre- mendous, ongoing economic benefit,” Morreale said. “It already has replaced lost municipal tax revenues and retained thousands of cor- porate jobs for New Jersey. Additionally, in a submar- ket that has struggled with high office vacancy rates, the Bayer site introduced a new modern worksite while re- ducing the region’s corporate space inventory. “Moving forward, the sec- ond phase of development will generate years of construc- tion jobs, retail commerce and new housing,” he added. “The multiplicity of uses also will provide employment di- versity and balance. Simply put, this campus provides a benchmark illustration of how strategic public/private partnerships can transform our state’s underutilized, antiquated facilities into vi- brant, modern ‘live/work/play’ environments.” Situated just off Route 10, approximately two miles from I-287, the Whippany campus is located in a New Jersey-designated metro- politan planning area, which means that it is within a tar- get growth area on the state’s development plan. The entire theme of this project is consis- tent with New Jersey Smart Growth, modeling positive redevelopment strategy. n
obsolete office and laboratory space in 2010. In 2012, the partnership sold 94 acres to
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