WHIPPANY, NJ-Bayer HealthCare will relocate employees from various facilities in the New York/New Jersey region to a portion of the former Alcatel-Lucent property located on Whippany Road here.
Bayer will acquire 95 of the 194 acres of the Alcatel-Lucent site from 67 Whippany Investors LLC, the current owner of the property, for an undisclosed sum. The pharmaceutical company will relocate 2,000 employees in phases as buildings are renovated and reconstructed on the campus.
“This is a great day for the citizens of Hanover Township, in that Bayer HealthCare, a major manufacturer of pharmaceuticals, has selected our community as its home base,” said Hanover Township Mayor John T. Sheridan in a prepared statement about the agreement.
67 Whippany Investors, a partnership of Vision Equities and Rubenstein Partners, acquired the 194-acre campus for a reported $18.5 million in February, stating at the time that it intended to redevelop the site as a mixed-use complex with class A office, residential, retail, hospitality, senior living and additional common/green space.
The 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 significant operations continued to be housed there until 2001, when Alcatel-Lucent relocated 2,100 employees to its North American headquarters in Murray Hill. The Whippany campus is located in a New Jersey-designated metropolitan planning area, which means that it is within a target growth area on the state's development plan. The campus was assessed earlier this year by Hanover Township for more than $42 million.
Bayer Healthcare will become the Township’s number one ratable, followed by Morristown Municipal Airport, the township said.
“There is no question that Bayer HealthCare will become an important corporate partner weaved into the fabric of our community. We welcome their personnel and look forward to their participation in the various civic, fraternal and service organizations which are located in Hanover Township,” Sheridan said.
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