The wizard travels to a false destination
That is, if the wizard's once-familiar destination now doesn't exist or has become unrecognizable, the wizard is, perhaps, dealt some damage and either arrives at a similar destination or the spell simply fails. As per the spell teleport:
"False destination" is a place that does not truly exist or if you are teleporting to an otherwise familiar location that no longer exists as such or has been so completely altered as to no longer be familiar to you. When traveling to a false destination, roll 1d20+80 to obtain results on the table, rather than rolling d%, since there is no real destination for you to hope to arrive at or even be off target from.
Emphasis mine. The spell greater teleport (which was teleport without error in Dungeons and Dragons, Third Edition) doesn't eliminate the chance to accidentally teleport to a false destination, eliminating instead the chance of randomly being off-target.
A false destination means, instead of rolling on the usual teleport chart, the DM rolls 80+1d20.
On 81-92 the wizard is in a similar area:
You wind up in an area that’s visually or thematically similar to the target area. Generally, you appear in the closest similar place within range. If no such area exists within the spell’s range, the spell simply fails instead.
On a 93-00 the wizard experiences a mishap:
You and anyone else teleporting with you have gotten "scrambled." You each take 1d10 points of damage, and you reroll on the chart to see where you wind up. For these rerolls, roll 1d20+80. Each time "Mishap" comes up, the characters take more damage and must reroll.
Thus a wizard attempting such travel to his destroyed laboratory either arrives at a thematically similar location (e.g. a brewery, an alchemist's shop, or another wizard's laboratory—surprise!) or, if no such thematically similar location exists within the spell's range, remains where the spell was cast. In addition, with enough bad luck, the wizard might also be dead.