"The property is not being sold as a typical real estate deal," TI's Matt McKinney tells GlobeSt. "It will be a negotiated deal and we are hoping that the new owner will use it to its fullest capacity as it is a tenant specific facility."

McKinney says the company will market the sale itself and that the equipment is also negotiable contingent upon the needs of the buyer. "We hope the buyer will purchase the property as an operating fabrication facility," says McKinney, "and in doing so, may have need or use for some of the equipment in it."

The chip plant building has been around since the early 1980s. Texas Instruments has owned the property since 1996, which it acquired from Silicon Systems Inc. McKinney says he expects the property to realize a competitive rate. The current sales value of a semiconductor manufacturing plant is approximately $300/sf according to area real estate brokerage firms.

The plant is not scheduled to close until the end of the year but late last night employees were notified that only a small percentage would be offered positions in other facilities. They also were informed that the severance package being offered to them would include an onsite human resources job service center, severance pay, extended insurance benefits and job search assistance.