(Read more on the industrial market.)

EAST FISHKILL, NY-Preferred Real Estate Investments, Inc., which purchased the Hudson Valley Technology Campus from IBM in February 2006, has hired CB Richard Ellis as exclusive leasing and sales agent for the Dutchess County property here. The Conshohocken, PA-based firm paid $20 million for the nearly one-million-sf complex and signed a short-term leaseback with IBM in early 2006.

The complex, which had been known as the Hudson Valley Research Center West Campus when IBM owned and operated it, is now completely vacant, says CBRE’s Frank Tomasulo who will be working with colleague Paul Hoffmann on marketing the property. The campus, which sits on 160 acres, has the largest block of quality multi-use space for sale or lease in the Hudson Valley, Tomasulo adds. The campus features six buildings that offer office and manufacturing space. About 80 acres of the campus could house further commercial development.

CBRE is currently holding discussions with interested users and investors, Tomasulo says. “I think we envision it as a mixed-use development.” The possibilities include office, manufacturing, industrial and R&D uses. However, future uses will not include residential or retail, he stresses.

The complex had until early 2006 served as a manufacturing/research hub of IBM’s high-tech microchip operations. The property went on the market in April 2005 after IBM opened a new $2.5-billion, 300-millimeter microchip fabrication facility on the East campus of Hudson Valley Research Center.

“We are excited to be marketing such a prestigious property and look forward to finding the right investor/user to take advantage of this expansive space,” Tomasulo says. “On top of the property’s extraordinary size and diversity of users, its central location is also a major draw, as it offers easy access to New York City and Albany.”

The existing West campus features approximately 500,000 sf of office, data and call center space and 400,000 sf of clean room manufacturing space. If a sale were to take place, Tomasulo says he hopes to have a deal in place by the first or second quarter of 2008.

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