WHIPPANY, NJ-A partnership of Vision Equities and Rubenstein Partners has acquired the 194-acre Alcatel-Lucent corporate campus for an undisclosed sum, with the intention of redeveloping the complex into a mixed-use complex. Plans call for the development of class A office, residential, retail, hospitality, senior living and additional common/green space. Two office and lab buildings, totaling approximately 500,000 square feet, are being considered for renovation and reuse.

“This property is one of the last large-scale, mixed-use redevelopment sites left within the Route 10, Route 24 and I-280 submarkets, and is one of the biggest redevelopment sites remaining in Northern New Jersey,” says David Bernhaut of Cushman & Wakefield’s Metropolitan Area Capital Markets group in East Rutherford, NJ. The firm represented the seller and procured the buyer. “It benefits from its proximity to the area’s premier retail corridor, major roadways, nearby corporate headquarters and office parks; existing site infrastructure; and a township seeking to maintain a strong ratable base.”

Located at 67 Whippany Rd., the former corporate campus for Alcatel-Lucent includes 15 vacant office, laboratory and support buildings totaling more than 1.4 million square feet. Alcatel-Lucent predecessor companies began operating at the site in the mid 1920s, and it continued to house significant operations until 2001, when Alcatel-Lucent relocated 2,100 employees to its North American headquarters in Murray Hill, NJ.