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Empty 1M-SF Office Park Marketed for $47 PSF

MOUNT OLIVE, NJ-Morris Crossroads Corporate Campus, a one-million-square-foot class A office park, has been put up for sale for $47 per square foot.

By Maria Wood | Updated on October 08, 2009

MOUNT OLIVE, NJ-The former North American headquarters of BASF Corp. has been put on the market for $47 a square foot by owner BPG Properties Ltd. The one-million-square-foot Morris Crossroads Corporate Campus has been empty since 2006 when the German chemical company vacated the property.

Philadelphia-based BPG purchased the complex in 2006 for about $50 million, Chris Locatell, a vice president at BPG, tells GlobeSt.com. He acknowledges the price is reflective of the impact the recession has had on asset values and the risk appetite of buyers today. “We priced it at a point that would make it attractive for any potential user, whether it be an occupant or investor,” he says. “Somebody who acquired it at this price point would get a competitive advantage.” BPG currently owns seven office buildings in New Jersey, four in Princeton, two properties in Trenton and one in Bordentown.

Joe Nahas, BPG’s senior vice president, tells GlobeSt.com that the firm’s typical investment cycle is between five and seven years. “So investments that were acquired back in ’05 and ’06 are starting to reach the timeframe where [companies would look to dispose of them],” he says.

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