I suppose, for the corporate seller, the smallish ray of sunshine here is that most experts believe Merck will see some bottom feeders, bidding — Whitehouse Station ultimately won’t go unsold. It may take quite a bit of time (and a lower than hoped for price), but the U.S office market has pretty much bottomed out — giving well-financed buyers excellent potential gain-producing purchasing opportunities. Even so, one million square feet in one of these old school facility corporate complexes is. . . monstrous. May take quite a while to sell — or it may be sold. . . in chunks.
Here’s the item (nominally re-pixelated and reprinted out of Jakarta, of all places):
. . . .Completed in 1992, the 3-story Class A office facility contains 1 million square feet above two levels of covered parking for over 1,600 spaces. Some of the property features include a 5-story granite and glass lobby and an atrium that reflects the quality and superior finishes of the entire facility. Amenities include a 900-seat cafeteria and dining areas, elegant executive offices and conference rooms, a multi-level conference center featuring a 250-seat auditorium, a landscaped central courtyard, a fully equipped fitness center and a 35,000-square-foot data center with raised floors. In addition, the building is set on a lush 500-acre campus that includes an on-site solar farm, a 25,000-square-foot childcare center, a basketball court, tennis courts, ball fields and a helipad.
The Property is located less than one hour west of New York City . . .
So it goes. I bet Peter Kellogg won’t mention this — an opportunity to sell what is plainly an aging White Elephant — at near the bottom of the market — during the Credit Suisse investors’ conference in Scottsdale, Arizona this afternoon.