NJBIA to Honor Vision/Rubenstein's Bayer Healthcare's Headquarters Project
Benchmark Infill Revitalization in Whippany Named a 2014 New Good Neighbor.
- Bergen-Passaic, NJ (1888PressRelease) May 06, 2014 - Vision Equities and Rubenstein Partners purchased the 194-acre former Alcatel-Lucent campus at 67 Whippany Road in Whippany in 2010, recognizing its potential to serve as a benchmark infill revitalization for the State of New Jersey. Today the first phase of development, involving Bayer HealthCare's new East Coast headquarters, has been recognized as a New Jersey Business & Industry Association (NJBIA) 2014 New Good Neighbor Award winner.
Hanover Township Mayor Ronald Francioli nominated the Bayer HealthCare headquarters development for recognition. "The campus exemplifies the win-win nature of public/private partnerships that combine shared vision, expertise and teamwork excellence," he wrote. "The Bayer HealthCare headquarters ultimately marks the birth of a project that will have a tremendous, ongoing economic benefit: through the replacement of lost municipal tax revenues, the retention of thousands of corporate jobs, the generation of years of construction jobs, retail commerce, and new housing."
At the outset, the property included 15 vacant office, laboratory and support buildings totaling 1.4 million square feet. The partnership master-planned one of the largest-scale, mixed-use redevelopment sites in Northern New Jersey. In May 2012, it subdivided and sold 94 acres to Bayer HealthCare and subsequently designed, executed approvals and developed a 675,000-square-foot, sustainable facility for this global industry leader and long-time New Jersey corporate citizen.
Bayer's consolidation from four locations in New Jersey and New York retained 2,500 jobs for New Jersey and continued the state's dominance as a pharmaceutical industry hub. It introduced new Class A corporate space while actually reducing office supply in a market currently struggling with high vacancies. It also is driving forward the project's residential, retail, hospitality and, potentially, additional office components; the 100-acre "south campus" parcel currently is being master planned.
"Our 54th annual New Good Neighbor Awards competition produced an impressive field of nominees," noted NJBIA's Michele Glassburg, first vice president, marketing. "Our distinguished panel of judges represented a wide variety of statewide organizations that share an interest in New Jersey's growth and development. The panel considered each nominee on the basis of economic benefit/job creation, architectural merit, and community involvement. In all, the nominees were responsible for $980 million in new investment, more than 9,900 jobs, and a commitment to the economic and civic well-being of New Jersey."
Vision Real Estate Partners' Sam Morreale, who co-founded Vision Equities, along with a representative from Bayer, will accept the award at a luncheon on June 6 at the Pines Manor in Edison.
The prestigious NJBIA honor is the latest in a growing list of accolades for the Vision/Rubenstein partnership's accomplishments at 67 Whippany Road. Already, the impact of the Bayer HealthCare headquarters development has been recognized with high-profile honors from NAIOP New Jersey, the Morris County Economic Development Corporation and United Way of Northern New Jersey. It also was honored in Mid-Atlantic Real Estate Journal's Best of 2013, as number one in the "Developers Top Projects" category.
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