Corporate headquarters in NJ get repurposed

February 21, 2011 04:04PM

Former corporate headquarters are scattered across New Jersey and commercial real estate brokers are trying to figure out what to do with the vacant spaces, according to the Star Ledger. Take, for example, Pfizer’s headquarters at the former Warner-Lambert site in Morris Plains, a 64-acre facility it inherited in its 2000 merger. Pfizer is working with the state’s Economic Development Authority to market for future owners, a company spokesperson said, and the company hopes to be out by the end of the year. Brokers are trying to determine the best way to market a single-tenant building with hundreds of thousands of square feet of space, especially in a market where few corporations are searching for new offices. In some cases, the solution may require breaking up and repurposing the spaces. In December, the former Alcatel-Lucent site in Hanover was sold to investors with plans to redevelop the site’s 1.4 million square feet into office space, retail and residential units after more than a year on the market. The prospect of owning such a large piece of developed property is attractive to investors, but what’s required to repurpose the space can be challenging and the financial return can take years. The site may need to be rezoned, and tenants need to be found. [Star Ledger]