Woodcrest Corporate Center
Cherry Hill, New Jersey
Opportunity
Langston Manufacturing Corporation had used the property as it worldwide headquarters for over 30 years. Langston manufacturing declared bankruptcy in 1999 and the 33 acre 375,000 square foot office and warehouse facility had sat vacant for over three years. During this time the property deteriorated into a state of severe disrepair and provided no taxable income for the local and state municipalities. The location of the property was excellent, adjacent to the Woodcrest Train Station of the PATCO High Speedline with two exits immediately available from I-295 in Cherry Hill, NJ.
Resolution
SRI and its’ joint venture partner O’Neill Properties Group, L.P. “OPG” acquired the property in an auction in October of 2002. The team immediately went to work to obtain a “No further action letter” from the State of New Jersey and NJDEP after completing all of the proper environmental remediation work on site.
The team then sold the 52,000 sf office building to a local attorney. After the redevelopment of the office building, the SRI-OPG joint venture then began to design the redevelopment of the existing 320,000 sf warehouse. Simultaneously the State of New Jersey was in danger of losing one of its largest employers in South Jersey, Towers Perrin to three competing states. The SRI-OPG team was able to conceive and deliver a world class redevelopment plan that convinced Towers Perrin to relocate to the site. The world class redevelopment included:
• 1,100 sf of ribbon glass along the south wall
• Brand new state of the art HVAC, electrical and mechanical systems
• 12 brand new over sized skylights including one over the “town center” which
is over 5,000 sf
• 20’ ceiling heights with 16’ windows creating the most unique work
environment in South Jersey
Benefit
SRI worked in conjunction with Township, County and the State of New Jersey and today the site has been transformed into a Tier 1 Operations Center. The $50 Million redevelopment now houses 2,000 employees for three (3) multi-billion dollar companies including:
• EDS
• Banco Popular
• American Water Works
Woodcrest is a shining example of a public-private partnership and transit oriented redevelopment of a former dangerous and decaying property into a thriving world class business center. The former governor of New Jersey, Jim McGreevey, NJ StateTreasurer John McCormac and assistant Treasurer Dan Levine have given speeches at the site as the project has gone on to become the poster child for the State of New Jersey’s “Smart Growth” campaign.
In addition Woodcrest has been recognized by several publications both locally and nationally including:
• Philadelphia Inquirer
• Philadelphia Business Journal
• US Airways Magazine
• Courier Post
• New Jersey Biz Real Estate Quarterly
• The Trenton Times
• Forbes