MCEDC Honors Cushman & Wakefield with Real Estate Award
MORRISTOWN, N.J., March 18, 2013 - The Morris County Economic Development Corporation (MCEDC) recognized the Cushman & Wakefield, Inc. team of Robert Donnelly Sr., Robert Donnelly Jr., Marc Rosenberg and David Bernhaut with its Real Estate Award - Office Category during the organization's 21st Annual Partners in Economic Development Awards Luncheon in March.
The honor recognized the impact of Bayer Healthcare's acquisition of 94 acres in Whippany, N.J., from Vision Equities/Rubenstein Partners, and the subsequent launch of the pharmaceutical giant's 675,000-square-foot, build-to-suit East Coast Headquarters facility there. Cushman & Wakefield represented the developers in the deal. David Warren of Resource Realty also was recognized by MCEDC, as exclusive broker for Bayer Healthcare.
The transaction represents one of New Jersey's largest 2012 property sales as well as the largest development project launched in the Garden State last year. It also marks the first milestone for Vision Equities/Rubenstein Partners' 200-acre, mixed-use Whippany campus - one of New Jersey's most significant infill revitalizations. The property included 15 vacant office, laboratory and support buildings totaling 1.4 million square feet. Bell Laboratories began operations at the site in the mid 1920s, and it continued to house significant operations there until 2009, when Alcatel-Lucent relocated 2,100 employees to Murray Hill, N.J.
"The Vision Equities/Rubenstein Partners venture purchased the property in 2010, with the goal to redevelop it into a modern, sustainable mixed-use community including Class A office, residential and retail components," noted Donnelly, Sr. "The campus ultimately will serve as a redevelopment benchmark for the State of New Jersey and beyond, illustrating the potential to transform underutilized antiquated facilities into vibrant, modern environments."
Bayer will begin moving 2,500 employees into its new East Coast Headquarters this fall, consolidating from four locations. The Whippany site includes specific emphasis on sustainability, and the entire project has been designed to LEED Gold standards. It incorporates two existing structures (totaling 450,000 square feet) suitable for revitalization, reflecting a commitment to reuse. Additionally, more than 1 million square feet of ceiling tiles were recycled and remanufactured, and are being used throughout the new building.
The contributions of all parties involved enabled the success of this highly significant transaction, according to Donnelly, Sr. "Vision Equities/Rubenstein Partners' commitment to value creation and sustainability initiatives is unmatched," he said. "And Bayer Healthcare's continued long-term commitment to New Jersey provides invaluable testament to the state's staying power as a global pharmaceutical hub. The entire project exemplifies the win-win nature of public/private partnerships that combine shared vision, expertise and teamwork excellence."
Donnelly, Sr.'s team has been recognized with the MCEDC Real Estate Award five times. Based in Cushman & Wakefield, Inc.'s Morristown office, the group specializes in major corporate advisory and tenant representation assignments. With long track records as consistently top-producing brokers for the commercial real estate services firm - both regionally and nationally - its members have completed hundreds of millions of square feet in transactions for Fortune 500 corporations.