NEWTOWN, PA—Brokerage firm JLL has been retained by Lockheed Martin to sell its complex at 100 Campus Drive here. The firm has set the asking price for the property at $30 million.
Lockheed Martin has said it will close its Space Division campus here and several California facilties next year as part of company-wide cutbacks.
The 52.52-acre campus has three office, lab, and research and development buildings totaling 460,514 square feet. The campus also includes a stand-alone conference center built in 2010 and is approved for 192,000 square feet of office expansion. The complex features extensive infrastructure, including an electrical substation and clean room space, JLL officials say.
“100 Campus Drive is one of the largest available commercial sites in the submarket,” says Tom Weitzel, senior vice president of JLL. “As a high- tech research and manufacturing facility, the site provides an investor or user with a unique opportunity for reuse. The expansive nature of the corporate campus lends itself to redevelopment at a discount of the replacement cost. The area boasts excellent demographics, a well-educated work force and attractive housing options.”
JLL Executive Vice President James Galbally, Executive Vice President Robert Bull, Weitzel, and Senior Vice President Kim Meincke and International Director Ron Cariola are leading the JLL team on the transaction. Weitzel serves as the primary broker for the property.
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