NJ’s Aging Office Buildings - FOX 35 News Orlando

NJ’s Aging Office Buildings

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Bridgewater, New Jersey (My9NJ) - Between 1980 and 1990, 80% of New Jersey’s office buildings were constructed. Now, due to changes in the labor force, outsourcing and the ability to telecommute, many of these structures are now obsolete.

While some if these buildings become abandoned or are simply torn down, there are those that are being repositioned into town centers.

For example, a 1.2 million square foot facility in Bridgewater that was previously owned and operated by Sanofi, is getting a makeover. Today, it is owned in partnership with Advance Realty and CrossHarbor. The President and CEO of Advance Realty, Peter Cocoziello discussed the current layout of the facility and why a space like this might not work in today’s day and age.

“Most of the corporations today, they are looking to be a little bit more nimble, they are consolidating, technology allows them to consolidate, so you’re seeing all of those factors weigh in here,” Cocoziello said.

Gil Medina, the Executive Vice President of CBRE the world’s largest commercial real estate services firm, discussed the ability to reposition a complex like this. “What we’re finding is that these assets can be repositioned very successfully,” he said.

This particular facility will eventually be transformed into housing units, retail, a hotel, restaurants and more.

Dr. James Hughes, the Dean of the Edward J. Bloustein School of Planning and Public Policy at Rutgers University weighed in on how modern age advancements have played a huge role in the way that people work. "Information technology has dramatically improved and productivity has dramatically improved. Jobs were eliminated by information technology or outsourced," he said.


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