Suburban Office Parks as Opportunities

Throughout the nation, the suburban office park is under pressure as large corporate users move back to cities or go out of business altogether. As suburban office parks have closed, towns are losing an important source of revenue. Nowhere is this trend more on display than New Jersey, home of many corporate headquarters. To fight back, redevelopment and reinvention of these properties is taking many forms, from conversion to residential with an affordable component, to mixed-use office, retail, and residential. One of the best examples of repurposing is the former Bell Labs research center in Holmdel, NJ. Originally designed by Eero Saarinen, the 2-million-square-foot complex was vacant for years before the current conversion, which features coffee shops, pop-up restaurants, and a soon-to-be-completed wine bar and food hall.