Real Estate Journal — New Jersey — May 15 - 28, 2015 — 13B


M id A tlantic

C entral N ew J ersey Repositioning sites into live-work-play centers that will bring new jobs & return rateables IOREBA’S developer’s night panel speaks on the repositioning of corporate campuses in NJ E AST BRUNSWICK, NJ — The Industrial and Office Real Es- tors in Boston to the decreased cost of living options offered by southern states.”

own these properties can read- just purchase prices, developers can more successfully redeploy and reposition the properties into sought after environments for corporations and residents alike. Couple the re-valuing and repositioning of these proper- ties with New Jersey’s many incentive programs available to corporate end-users, developers expect that they will be able to transform the landscapes of these aging corporate campuses, and New Jersey will be well- positioned to retain employment and foster new employment growth. n

the loss of rateables is signifi- cant, and municipalities there- fore have to address current zoning for these properties and embrace developers’ concepts for redevelopment. Not only are there economic disadvantages, but towns can lose thousands of jobs, and local business can suf- fer as well. While PILOT (Pay- ment inLieu of Taxes) programs oftentimes can help real estate tax burdens put on develop- ers looking to reposition these properties, panelists added that local municipalities really need to step up to the plate and work with the state to make it easier

to do business. Mayors Eric J. Hinds (Holm- del) and Daniel J. Hayes, Jr., (Bridgewater) noted that it is necessary for municipalities to work closely with developers to achieve goals for rezoning and creating proper tenant mixes, as well as to develop strong rela- tionshipswith the community by developingmarketing programs that will allow them to realize the vision for the properties. From the developers’ perspec- tives, there is significant capital that is required to redevelop and retrofit these aging corporate campuses. If corporations that

“New Jersey doesn’t need more office space, it needs better office space, most of the office space in the state has outlived its useful life,” said Zucker, whose firm is repositioning the former Bell Labs site in Holm- del, NJ. “It took a long time to communicate our vision for this site to the community, but we committed to our vision and this project will be the lifeblood of the community,” he added. With the departure of major corporate users from the state,

tate Brokers Association of the New York Metropolitan Area (IOREBA) , recently host- ed its 23rd annual Developer’s Night event at the Marriott at Glenpointe Hotel in Teaneck, NJ. Hundreds of guests fromthe commercial real estate industry were on hand for the event, which highlighted a panel of New Jersey’s prominent devel- opers and politicians discussing “The Repositioning of Corporate Campuses” within the state. “How will suburbia compete in New Jersey, with its aging corporate campuses that are becoming functionally obsolete and the explosive growth and popularity of urban areas such asNewBrunswick and theGold Coast,” Jeffrey Garibaldi , president of The Garibaldi Group , asked the panelists. The two developers on the panel Ralph Zucker , presi- dent of Somerset Develop- ment ; and Peter Cocoziello , president andCEO of Advance RealtyGroup ; respondedwith confidence noting that they each have acquired severalmillion-s/f corporate campuses that were vacated by major corporations, and working together with local municipalities and com- munities, are repositioning the sites into unique live-work-play centers that will bring new jobs and return rateables to the mu- nicipalities. “Even with the millennial movement to urban areas, we see that not everyone wants to live and work in cities like Hoboken and Jersey City, and we also realize that many of the state’s suburban corporate campuses are aging properties with archaic zoning in place,” said Cocoziello. Cocoziello’s company snagged up the former Sanofi-Aventis site inBridgewa- ter, NJ, and is repositioning it into a unique site that will offer office andR&Dspace, hotels and restaurants. “We are taking an already attractive site, which is nearby shopping malls, golf courses and hiking trails, and creating a unique, walkable town that will appeal to the community and corporations,” he said. Garibaldi added that, “New Jersey is vulnerable not only due to the transformations tak- ing place in real estate develop- ment, but also fromcompetition from other hot beds across the country like the bio pharma sec-


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