Press Releases


<i>Recession Creates Rare Opportunity for User Owners Looking to Dramatically Reduce Costs</i> <p><b>Philadelphia, Pa. - (October 07, 2009) –</b>Morris Crossroads Corporate Campus, a 1,000,855 square foot, Class A office headquarters facility located in Mount Olive, NJ, is available for sale at $47,500,000. Designed by the nationally renowned Grad Associates, Morris Crossroads was owned and occupied as the North American headquarters of German based BASF Corporation from 1994-2006. To replicate this 97 acre, five building campus today, it would cost more than $250 a square foot in Morris County, and upwards of $1,000 per square foot in Midtown Manhattan. By contrast, the property is being sold for $47 per square foot, which amazingly enough is essentially the cost of the land, or less than one year’s rent in Manhattan.</p> <p>“It is rare to see a property of this high quality being marketed at such a low price,” said Jeff Dunne, vice chairman of CB Richard Ellis and the listing agent for the property. “Morris Crossroads presents a prime opportunity for corporate users to relocate from Manhattan or other New York Metro areas and take advantage of a well located, headquarter-quality office property while benefiting from significant operating cost savings. The total estimated savings over a 10-year period, including rent and labor cost savings, is over $600 million compared to leasing in Manhattan, and is over $314 million compared to leasing elsewhere in Northern New Jersey. Because of the tremendous cost saving, purchasing this property is like buying the land and getting one of the nation's most sophisticated corporate headquarters for free.”</p> <p>Morris Crossroads is comprised of five interconnected office buildings with distinct, separate entrances, central atria and floor plates that allow for flexible occupancy scenarios and alternative uses. On site amenities include conference facilities, a full service cafeteria with 800-seat capacity, extensive covered parking, a new 10,000 square foot fully equipped fitness facility with showers and locker rooms. The facility also offers extensive fiber optic and electrical infrastructure for secure, uninterrupted business operations with two emergency generators capable of running the entire campus 24/7.</p> <p>“Morris Crossroads is a first-class facility that is unlike anything else available in the New York Metropolitan area,” commented Chris Locatell, vice president of BPG who is overseeing the sale of the property. “With its unparalleled features and amenities, significant operating cost savings and strong labor pool, Morris Crossroads is ideal for corporate users looking for real value and uncompromising quality in one of the region's largest concentration of Fortune 500 companies.”</p> <p>Morris Crossroads is highly visible along Interstate 80 at its interchange with Routes 206 and 46, just 15 minutes west of the Morristown/Parsippany submarkets. The corporate headquarters facility is less than an hour from Manhattan and less than one mile from New Jersey Transit’s Midtown-Direct train line, which provides excellent access to New York, Pennsylvania and New Jersey's abundant and highly educated labor force. Its location is home to more than 1.2 million highly educated individuals residing in a 25-mile radius, and offers some of the lowest corporate, small-business and personal income taxes in the region. Morris County is home to approximately 50 of the Fortune 500 companies, including Kraft Foods, UPS, JP Morgan, Honeywell International and M&M Mars, making it a proven headquarters location.</p> <p>Jeff Dunne, Kevin Welsh, Patrick Murphy, Sam Buckley and Peter Eppie of CB Richard Ellis have been named as the sales and listing agents for the property.</p> <b>About BPG Properties, Ltd.</b><br> BPG Properties, Ltd. is one of the nation’s leading private equity real estate fund managers. BPG’s portfolio consists of over 20 million square feet of office, retail, student housing, and industrial properties and more than 25,000 apartment units in more than 100 communities located throughout the United States. The firm is headquartered in the Philadelphia area with regional offices in Los Angeles, Chicago, Washington DC, Boston, Atlanta and Raleigh-Durham. For additional information, please visit the company’s website at