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WOODCREST CORPORATE CENTER

Summary: 333,725 square feet
Year Renovated: 2004-2005

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 Speed line with two exits immediately available from I-295 in Cherry Hill, NJ.

Resolution
Endeavor formed a joint venture and acquired the property in a bankruptcy auction in October of 2002. The partnership 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 partnership then sold the 52,000 sf office building to a local law firm shortly after acquiring the two building campus. After the redevelopment of the office building, the Endeavor 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 partnership 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 oversized 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
The partnership 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, and 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.