NJ’s Aging Office Buildings - My9 New Jersey

NJ’s Aging Office Buildings

Posted: Updated:
Bridgewater, New Jersey (My9NJ) - Between 1980 and 1990, 80% of New Jersey’s office buildings were constructed. Now, due to changes in the labor force, outsourcing and the ability to telecommute, many of these structures are now obsolete.

While some if these buildings become abandoned or are simply torn down, there are those that are being repositioned into town centers.

For example, a 1.2 million square foot facility in Bridgewater that was previously owned and operated by Sanofi, is getting a makeover. Today, it is owned in partnership with Advance Realty and CrossHarbor. The President and CEO of Advance Realty, Peter Cocoziello discussed the current layout of the facility and why a space like this might not work in today’s day and age.

“Most of the corporations today, they are looking to be a little bit more nimble, they are consolidating, technology allows them to consolidate, so you’re seeing all of those factors weigh in here,” Cocoziello said.

Gil Medina, the Executive Vice President of CBRE the world’s largest commercial real estate services firm, discussed the ability to reposition a complex like this. “What we’re finding is that these assets can be repositioned very successfully,” he said.

This particular facility will eventually be transformed into housing units, retail, a hotel, restaurants and more.

Dr. James Hughes, the Dean of the Edward J. Bloustein School of Planning and Public Policy at Rutgers University weighed in on how modern age advancements have played a huge role in the way that people work. "Information technology has dramatically improved and productivity has dramatically improved. Jobs were eliminated by information technology or outsourced," he said.


Watch Chasing New Jersey weeknights at 10pm on My9 and don’t forget to like us on Facebook!

  • Chasing New JerseyMore>>

  • High Fructose Corn Syrup

    High Fructose Corn Syrup

    Friday, April 18 2014 1:41 PM EDT2014-04-18 17:41:55 GMT
    A sweetener cheaper than sugar but just as sweet is now in many food and drink products at the grocery store.  It's called high fructose corn syrup.  Some nutritionists, like dietician Dawn Sharp, claim it’s pretty bad for you.
    A sweetener cheaper than sugar but just as sweet is now in many food and drink products at the grocery store.  It's called high fructose corn syrup.  Some nutritionists, like dietician Dawn Sharp, claim it’s pretty bad for you.
  • Firefighter accused of driving truck while drunk

    Firefighter accused of driving truck while drunk

    Friday, April 18 2014 1:27 PM EDT2014-04-18 17:27:14 GMT
    The town of Elmwood Park relies on about 75 to 100 volunteer firefighters for emergencies.  Russell Fenn, IV is one of those volunteer firefighters. He was driving the department’s only ladder truck and crashed it into utility poles.  Police charged Fenn with driving under the influence and said that his blood alcohol level was twice the legal limit.
    The town of Elmwood Park relies on about 75 to 100 volunteer firefighters for emergencies.  Russell Fenn, IV is one of those volunteer firefighters. He was driving the department’s only ladder truck and crashed it into utility poles.  Police charged Fenn with driving under the influence and said that his blood alcohol level was twice the legal limit.
  • WWOR's "Chasing New Jersey" Gets State Recognition

    WWOR's "Chasing New Jersey" Gets State Recognition

    Thursday, April 17 2014 3:53 PM EDT2014-04-17 19:53:15 GMT
    Chasing New JerseyChasing New Jersey
    New Jersey’s General Assembly honored WWOR’s Chasing New Jersey on the occasion of its 200th episode, which aired April 11, 2014, TV News Check reported.
    New Jersey’s General Assembly honored WWOR’s Chasing New Jersey on the occasion of its 200th episode, which aired April 11, 2014, TV News Check reported.
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices