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New Jersey Economic Agency Sets Aside $25 Million To Help Redevelop Vacant Malls, Office Parks

Program Aims To Turn Underutilized Sites Into Vibrant Properties Again
Pharmaceutical giant Merck's hexagonal former headquarters in rural Whitehouse Station, New Jersey, was once considered a "stranded asset." The vacant building was on the market several years before finally selling. (CoStar)
Pharmaceutical giant Merck's hexagonal former headquarters in rural Whitehouse Station, New Jersey, was once considered a "stranded asset." The vacant building was on the market several years before finally selling. (CoStar)
CoStar News
May 11, 2023 | 4:42 P.M.

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The New Jersey Economic Development Authority has established a $25 million fund to support the redevelopment of vacant malls, suburban office parks and hospital facilities in an effort to revitalize such so-called stranded assets and make them viable commercial real estate again.

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