2

• Office vacancy rates in New Jersey are estimated to be around 15-20%

– Vacancies are significantly lower in urban areas, particularly along the Hudson River waterfront

• Companies continue to respond to a philosophical shift that prioritizes culture, collaboration, and accessibility

• Office and administrative support jobs in New Jersey have dropped by over 118,000 from 2003-2015

• NJ’s office parks are aging – most were built more than 25 years ago

3

• Built by world-famous architect Eero Saarinen in 1962

• Comprised of four buildings, fully encased in glass, totaling 2 million square feet

• Located minutes from the Garden State Parkway in suburban Holmdel

• Served as research facility until 2007

4

1956First TransatlanticTelephone Cable

1958 Laser

1959Horn Antenna & Transmission Dish

1959–62Construction of Bell Laboratory

1960–64Project Echo,ExperimentalBalloon Satellite

1961ContinuouslyOperated LaserBeam

5

1962Bellboy Pager

1962Telstar I

1963Touch-toneTelephone

1969–72UNIX OperatingSystem

1978–80CommercialCellular Network and Digital Cellular Phone

1988Fiber Optic Cable Laid Across Atlantic

6

Office

Retail

Dining

Healthcare

Hospitality

Community Services

Recreation

7

8

• Installed new flooring and lighting

• Created café and collaboration space

• Revitalized elevator lobbies and elevators

• Refurbishing parking area

• Implemented pre-built office program

• Revamped infrastructure / HVAC

9

10

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