"Corning was not interested in making additional investments toredevelop the property because it extended beyond their corebusiness offering," says Patrick G. McCann, president and CEO ofWeston, in a statement. Because of environmental concernsassociated with the property, Corning had to retain capitalreserves on their books to account for the ongoing concern. "[Our]approach allows Corning to better utilize the capital that wasneeded for property maintenance, environmental liability andassociated insurance, while at the same time assuring therevitalization of the property."

The park currently consists of three buildings totaling 180,000sf, one of which was tenanted by Corning NetOptix until 2002. Afterremediating the contaminated portions of the park, Weston intendsto redevelop it as a mixed-use project. Plans include upgradingbuilding systems in Building Two and either demolishing BuildingOne, or finding a single tenant to rent it.

"The way it's laid out right now, [Building One] is not reallyrentable for multiple tenants," John Walker, manager of real estatedevelopment services for Weston, tells GlobeSt.com. "If we can'tfill it with a single tenant, we'll probably take it down and do abuild-to-suit for a new tenant."