ROCHESTER, NY—Kodak reports it plans to put its 1,200-acre Eastman Business Park on the market for sale. The commercial imaging firm did not divulge an asking price for the industrial and technology complex.

Kodak officials say they will be looking to sell the park, which is located in the city of Rochester and town of Greece, to a buyer that will be focused on the property's redevelopment.

Kodak CEO Jeff Clarke says, “Eastman Business Park is already on the path to becoming a powerful economic growth engine for our region and a vibrant center of invention to several technology sectors. A strong new owner will expedite that process. At the same time, Kodak needs to focus on what it does best: innovating and delivering superior solutions to customers around the world. Selling EBP is the right move for the right reasons at the right time.”

Eastman Business Park currently has more than 50 tenants, including several Fortune 500 companies, totalling 7.2 million square feet of space. In February, Gov. Andrew Cuomo announced the state would commit $3 million to the Eastman Business Park Bioscience Manufacturing Center in Rochester, which will begin construction later this year. The $25-million, 60,000-square-foot facility will be owned and operated by EBP EcoTech Park Operating Corp., a consortium of partner companies that will provide the majority of funding for the project.

Kenneth Adams, president, CEO and commissioner of Empire State Development, says that despite the property being put on the market for sale, “New York State's commitment to Eastman Business Park remains resolute. EBP is a critical center of employment for the Rochester economy and the growth of EBP is the highest priority of the Finger Lakes Region Economic Development Council. We will continue to work with Kodak and a potential new owner to ensure stability and attract more private investment and advanced manufacturing jobs to EBP.”

Brad Krutchen, president, graphics, entertainment and commercial films group for Kodak, says the company has undertaken extensive improvements to the park over the last several years. He adds that a number of recent developments have prompted the company to seek a buyer for the park.

Some of those developments include commitments for more than $90 million in investments by New York State to attract new companies; completion of the acquisition of the site's utilities by RED, an industrial energy efficiency firm; and the March 13th agreement reached between Kodak, the U.S. Environmental Protection Agency and the New York State Department of Environmental Conservation to move ahead with an environmental trust administered by the state, providing for ongoing environmental protection and resolution of legacy environmental issues at the property. According to the announcement, Kodak has agreed to provide $49 million in funding for the trust. In addition, New York State has agreed to provide $50 million for further environmental protection should it be necessary. Kodak and the state will provide additional funds to address any future environmental cleanup if overall costs exceed $99 million.

Kodak says its is committed to maintaining a significant presence at the site involving research, development and manufacturing activities, including two new projects focused on production of films for touch screen sensors in collaboration with UniPixel and Kingsbury.

“Hundreds of new high-tech research and advanced manufacturing jobs have been created at Eastman Business Park over the last two years,” adds Kruchten. “The site is now positioned to realize its potential to develop new, cutting-edge technologies, especially in functional films, energy storage and bioscience and biofuels. We will identify a buyer who shares our vision for the great potential of this site to be a robust job creator.”