Bayer Healthcare Acquires More Acreage in Hanover

On May 9, 2016

Vision Real Estate Partners and Rubenstein Partners have sold 86 acres of undeveloped land in Hanover to Bayer Healthcare. The parcel sits adjacent to the pharmaceutical giant’s East Coast Headquarters at 67 Whippany Road.

Vision Real Estate Partners and Rubenstein Partners purchased 67 Whippany Road, a 194-acre former Alcatel-Lucent Campus, in 2010. The partnership developed the 675,000-square-foot, LEED-certified Bayer Healthcare facility following Bayer’s purchase of 94 acres there in 2012. Cushman & Wakefield’s Robert Donnelly Sr., Rob Donnelly and Marc Rosenberg served as landlord brokers in that initial trade as well as the latest transaction.

“The land sale to Bayer solidifies this blue chip tenant’s commitment to New Jersey and marks yet another milestone for 67 Whippany Road, which is one of the last large-scale master-planned redevelopments in Northern New Jersey,” said Sam Morreale, founder and managing partner of Vision Real Estate Partners. “Our goal from the outset was to redevelop the site into a modern campus reflecting its highest and best use. We ultimately have created a benchmark in the drive to improve underutilized, infill office real estate to institutional grade.”

Currently, Vision Real Estate Partners and Rubenstein Partners are developing MetLife Investments’ global headquarters on the 14-acre balance of 67 Whippany Road. The same Cushman & Wakefield team brokered that 185,000-square-foot, build-to-suit lease in 2015, with another group at the commercial real estate services firm – headed by Bruce Mosler, Ethan Silverstein, David Susoreny, Andrew Merin, Bill Brown and Peyton Horn – representing the tenant. The project, which will be delivered in July, has been designed to LEED Gold Core and Shell, and LEED Platinum Interiors.

With nearly 1.1 million square feet in approved corporate space for Bayer Healthcare and MetLife Investments, Vision Real Estate Partners and Rubenstein Partners have effectively replaced the 1.4 million square feet of obsolete Alcatel-Lucent offices existing when the partnership acquired 67 Whippany Road. The companies’ achievements and the campus have been recognized with awards from NAIOP New Jersey, NJBIA, the Morris County Economic Development Corporation, United Way of Northern New Jersey and the U.S. Green Building Council New Jersey.

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