The owners say they're targeting Manhattan companies and backoffice and redundant-type operations to fill the sprawling complex,which once housed the North American headquarters of chemical giantBASF. The latter downsized and moved into two smaller North Jerseylocations in 2003 and 2004, leaving the buildings completelyvacant.

"Business continuity, redundancy, secure data center andaffordable back office spaces are essential," says ChristopherLocatell, VP of BPG. "Demand for these services far outweighssupply in the New York metro market. With demand outpacing supply,landlords increased rents by more than 25%, resulting in somerental rates over $100 per sf in Manhattan in 2006.

"This facility provides access to the regional work force forliterally one-quarter of the cost," Locatell says. "The need forvalue-added options in this marketplace is a natural extension intothe suburbs. New Jersey has seen major financial servicescorporations reduce their occupancy costs by hundreds of millionsof dollars or more over the term of a 10-year lease by takingadvantage of facilities like this."