Page 20 - RENJ Aug2021

18 AUGUST 2021
Verizon, having spent the past 15 years repurposing corporate assets around the country,
is now turning that focus to its sprawling, 1.4 million-square-foot campus in Somerset County.
Company executive John Vazquez pointed
is that our highest and best use
is not just ‘What is the financial performance?’ but ‘What did we actually give back to society at the end of the day, how did we improve the local economy and how did
we make life better for the people that have housed these facilities for decades?’ ” said Vazquez, the company’s senior vice president for global real estate and global supply chain. “So we take a very holistic view and we always look to work with the leaders, both from a government leader perspective and local real estate developers, to see what is really the right answer for a lot of these locations.”
He spoke recently during a program hosted by design firm Gensler and the state Economic Development
Authority, echoing other panelists who discussed ways to revive or repurpose large commercial properties in New Jersey. One key, they said, is to make the sites an essential part of their communities, such as by increasing the amount of public green space or adding mixed-use elements, especially when it comes to vacant or partially vacant retail malls and office parks that drain resources from their host municipalities.
“As we recover from the pandemic, people and businesses are reimagining what they want from their communities,” Economic Development Authority CEO Tim Sullivan said, noting the traditional suburban office park probably
won’t come back. “That’s not what companies want anymore, to be alone
by themselves with no amenities and nothing else.”
As for malls and strip malls, “not all of them are going to be what they were 15, 20 years ago.” That’s a challenge for
GOING PUBLIC
Experts say ‘stranded’ office, retail sites can thrive as new-look community hubs
By Marlaina Cockcroft
John Vazquez
we need a little bit more of,” such as more mixed-use destinations with housing, office space, retail and other amenities all in one place.
Still, he added that “we’ve got to help our cities and towns get ready for it.”
and other amenities “that will attract people to the campus” and provide new benefits to the community.
“The way that Verizon looks at this
specifically
to nine acres adjacent to the Basking Ridge property, where it hopes to add market-rate and affordable housing, retail
landlords and municipalities, he said, “but
it’s also a huge opportunity to think about how we can infuse New Jersey with ... what
Tim Sullivan
Experts say the way to revive outdated, underutilized commercial properties in New Jersey is to make the sites an essential part of their communities. That can mean increasing the amount of public green space or adding mixed-use elements, among other options aimed at redeveloping so-called stranded assets.