An 86-acre infill development site in eastern Morris County has come online and is ready for sale, according to Cushman & Wakefield.
The Teterboro-based commercial real estate firm said the site, located at 85 Whipany Road in Whippany, is part of the former 194-acre Alcatel-Lucent site that previously underwent a redevelopment. The current campus houses Bayer‘s North American headquarters and MetLife Investments‘ global headquarters.
Cushman & Wakefield’s New Jersey capital markets team of David Bernhaut, Brian Whitmer and Mark Phillips, with additional support from Morristown’s Joshua Cohen, will market the site on behalf of the seller, Bayer.
“This land parcel disposition represents the rare opportunity to acquire a large development site in one of New Jersey’s premier infill locations, and we’re already seeing strong interest from potential owner/occupiers and investors alike,” Bernhaut said. “85 Whippany Road is suited for a variety of future uses given the area’s dense, affluent demographics and large base of white-collar corporate employment.”
The site is currently zoned OB-RL3 (Office Building and Research Laboratory District) allowing for the construction of office, research labs, hospitals and nursing homes, child care centers and more. Pending a zone change, other potential uses include multifamily, townhomes, hotel, retail or flex/industrial.
85 Whippany is located within close access to interstates 287 and 78 and routes 10 and 24.
“We at Bayer are encouraged by the substantial interest we are receiving this early in the marketing process and are also eager to identify the best user to continue the positive development this neighborhood has experienced over the last couple of years,” Matthias Muckle, head of U.S. real estate group at Bayer, said. “We anticipate a competitive bidding process given the fact that this is one of the last few large vacant land parcels in the regional marketplace.”