BASF Building Mt Olive / Morris Crossroads
Drove past this and around it the other day it looks so depressing that’s it still empty. Has anyone heard anything or plans for it ? How has a business not come here or how are these townships so not smart to be able to attract anyone?
Anyone have a subscription to get past the pay wall?
I couldn’t find any other sites/info to confirm if this is still the latest news.
That was a beautiful brick building and nice inside also. What happened to that company---did they go Chapter 11 or what?
They moved their headquarters to Florham Park....
I think they bailed out of their Rockaway location as well. That building is just too large for any company these day. Far cheaper to leave the state.
If you have any questions about what they're going to do with it, ask here:
Public record says the price was $10mill as quoted. Quite a loss from the $23mill the previous owners paid that were operating it as the "Crossroads".
I should say GC! At one point that site had a 90 million dollar number attached to it.
If anyone wants to understand the challenges with this site read this report. I read this study a few years ago. A dinosaur indeed.
Let me see if I got this right. BASF screwed up royally and passed their problem off to someone else who had it foreclosed and now it's up to local and state taxpayers to try and figure out a way to get this straightened out. I wonder how much of a bonus BASF execs were paid for being able to wiggle out of this mess and was BASF able to declare a loss on their taxes for this.
BASF screwed up? They sold the building to an investor in 2006 and moved on. Unfortunately a variety of issues have plagued that site. The downed economy in 2009 and on, the vacancy rate of commercial properties in Northern NJ, the location of that facility, the size of it at one million square feet etc, etc.
The loss they would claim represents a minuscule fraction of a percent as BASF is the largest chemical company in the world with annual earnings in the 70 billion range. But as they simply moved and sold it that is moot.
With that said it would be nice to see the building in use again.
"I wonder how much of a bonus BASF execs were paid for being able to wiggle out of this mess and was BASF able to declare a loss on their taxes for this."
I'm sure there was a lot of accounting going in with the sale of the property, taxes, etc... but to put this in perspective a $50M property for a company the size of BASF ($6B in profits) is akin to an $833 expense for someone making $100K.
Even if they lost every penny on the deal, their corporate profits "paid" for it in 3 days. It was a minor blip, if that, on their books.
Who screwed up and took away here tax break after 10 years ??
I heard that was what drove them to leave...
Actually BASF built a brand new headquarters in Florham Park...mount olive was too far out in the boonies
Wasn't too far, just too big. Back in the day (c. 1989), BASF made the decision to build a new larger HQ in Mt Olive (remember all the fuss over the BASF deal to trade basf property for state property?) BASF wanted a large facility in order to move the HQ of Knoll Pharmaceutical - then in separate building in E. Hanover, into the new building along with BASF HQ. Then a few years later BASF sold all its Pharma business to Abbot and so half the Mt Olive was emptied and BASF then decided to move back to its old HQ. A few years later they built the newer HQ in Florham Park. As the boys say, "it's just business" At least they stayed in NJ. Was in the building a number of times for meetings and it is (was) a 1st class facility, not much use for corporate campuses now though.
If Hackettstown blundered this ratable it would have bankrupt the town. Good thing Mt. Olive can make it up by all the residential taxes and large town footprint. Another good job Jersey done right!
Weird I see the heat is on as there is smoke every morning on 80 coming from a pipe. I also see a few vans parked and lights on in different places in the building . Not sure what’s going on
Not weird, it is thankfully well-maintained. Vans are probably security. Might be a good site for a data center...
From the mt olive mayor The building was recently purchased by a company called Matrix. Waiting for them to come in to provide the Town as to what they plan to do with the site.
Several years ago, the Land Use Institute came in and did a study as to how the property should be used. They determined it should be mixed use, residential and commercial.
Interesting. Here's a Matrix Development Group operating in NJ; no site listing yet though: http://www.matrixcompanies.com/
"This is your last chance. After this, there is no turning back. You take the blue pill - the story ends, you wake up in your bed and believe whatever you want to believe. You take the red pill - you stay in Wonderland and I show you how deep the rabbit-hole goes."
It shows as available for lease through Matrix.
However it states "This space is vacant and not actively available". I'm not sure what that means.
Could mean that an interested party is either conducting serious due diligence ( deposit) or spending on architectural studies ($$$) and has a specific time frame to render a final decision.
Bottom line...... someone owns it and someone also pays taxes for an empty building.
If someone owns it, why would It just be left empty, i drove past it the other day and the only thing there was a truck driver sleeping next to his truck in the parking lot
“If someone owns it, why would It just be left empty...”
Because it’s hard to find a tenant that can afford a 6 (or more) figure monthly rent?
Its a great tax dodge too..sitting empty
My understanding is Rockefellor investment group own from day one....nice tax break for them if true .
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