By Joshua Burd
Bayer Healthcare has acquired 86 acres of undeveloped land alongside its East Coast headquarters in Hanover, in a sign the pharmaceutical giant may be primed to expand its footprint at the three-year-old campus.
The sellers of the parcel were Vision Real Estate Partners and Rubenstein Partners, the joint venture that developed Bayer’s existing 675,000-square-foot building at 67 Whippany Road. Bayer now owns the 180 acres at the former Alcatel-Lucent research campus.
Cushman & Wakefield’s Robert Donnelly Sr., Rob Donnelly and Marc Rosenberg served as landlord brokers in the initial trade as well as the latest transaction.
“The land sale to Bayer solidifies this blue chip tenant’s commitment to New Jersey and marks yet another milestone for 67 Whippany Road, which is one of the last large-scale master-planned redevelopments in northern New Jersey,” said Sam Morreale, founder and managing partner of Vision Real Estate Partners. “Our goal from the outset was to redevelop the site into a modern campus reflecting its highest and best use. We ultimately have created a benchmark in the drive to improve underutilized, infill office real estate to institutional grade.”