X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HOLMDEL, NJ-Lucent Technologies has apparently found a buyer for its sprawling two million-sf Bell Labs Research Center and its 470-acre site here. Industry sources variously estimate the price to be in the $200-million to $250-million range. As reported by GlobeSt.com, Lucent had put the building, which once had as many as 5,600 workers but currently just 1,000 on-site, on the market this past June. As recently as 2000, the location still had 4,700 employees.

According to a published report, Lucent has signed a letter of agreement to sell the building and site to Preferred Real Estate Investments, a privately owned development firm based in Conshohocken, PA. A Lucent spokesman confirmed the pending sale, noting that PREI will now go through a review period before closing the deal. That review will include a determination of what to do with the six-story building, which has 330,000-sf floorplates, and the site, which has room for additional build-out. PREI officials didn’t respond to a request for comment.

Even if the sale to PREI doesn’t go through, Lucent officials say they will vacate the building no later than August 2007. The remaining 1,000 or so employees will be relocated to vacant space at two other Lucent locations in the Garden State.

“We’re trying to make our real estate more efficient,” says a Lucent spokesman. “We have vacant space at our buildings in Whippany and in Murray Hill, so it makes a lot of sense to move these people into those locations. We anticipate a savings of about $27 million a year in upkeep with these moves.”

Designed by architect Eero Saarinen, the building was built by AT&T for its Bell Labs operations in 1962. It was expanded a few years later, and again in 1982 to its current size. The two million sf encompasses a combination of office and lab space, and the site also includes a cafeteria and health club.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE 2020Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.