WHITEHOUSE STATION, NJ–Merck has tapped Cushman & Wakefield to market its 1 million-square-foot world headquarters campus here as the company moves forward with its major downsizing, begun a year ago.
Last year the company announced it would shutter its huge hexagonal headquarters complex here and also its facility in Kenilworth, to consolidate operations in Summit.
Last week, the pharmaceutical company reversed its plans for where it would consolidate, announcing it will be in Kenilworth and the Summit facility will be closed. The company also announced plans to cut an additional 8,500 jobs and reduce annual costs by $2.5 billion by the end of 2015.
The opulent headquarters in the Whitehouse Station part of Reading becomes another of the big-footed “suburban dinosaurs” emerging on to the commercial office market in New Jersey, as Rutgers University's public-policy researchers have termed them.
Developers and planners have learned to become creative about re-use of such unique spaces, however, noted Andrew Merin, a vice-chairman of C&W. “Every major corporate campus in New Jersey over the past three decades has either been repurposed to meet the needs of a growing corporation's new headquarters or positioned for innovative reuse,” he said.
C&W's Metropolitan Area Capital Markets Group is heading the Merck assignment.
The high-profile campus was designed for Merke by star-chitect Kevin Roche and was completed in 1992.
The three-story Class A office facility contains 1 million square feet of office space above two levels of covered parking for 1,600 spaces.
There is a five-story granite and glass lobby and atrium. Other features include:
- a 900-seat cafeteria and dining area
- elegant executive offices and conference rooms
- a multi-level conference center with a 250-seat auditorium
- a landscaped central courtyard
- a fully equipped fitness center
- a 35,000-square-foot data center
The building is set on a 500-acre campus that includes an on-site solar farm, a 25,000-square-foot childcare center, a basketball court, tennis courts, ball fields and a helipad.
There are five major highways located within 5 miles of the property: Route 22, Routes 202/206, I-78 and I-287. The site is positioned along I-78 corporate corridor, which is home to numerous national and international firms including Exxon Mobil, Chubb Insurance, A.M. Best, Ingersoll Rand and New York Life.
Cushman & Wakefield's Metropolitan Area Capital Markets Group specializes exclusively in investment sales of office, industrial, multifamily and retail properties throughout New Jersey, New York, Fairfield County, Conn., and Pennsylvania. The team has completed more than $19.5 billion worth of transactions since 1992.
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