Former Endicott IBM Campus Sold to Phoenix Investors
A real estate company bought the Huron Campus, the sprawling 130-acre Endicott property that was the home of IBM Corp. for decades.
Phoenix investors announced Friday that it has purchased the property, which comprises 29 buildings and represents approximately 4 million square feet of office, manufacturing and distribution space, once the heart of Broome County’s industry, but much of which is fallen into disrepair.
Current campus leases include BAE Systems, Imperium3, Binghamton University and Ubiquity Solar, which recently announced it will manufacture industrial solar panels at the site.
Phoenix Investors said in a statement that it will oversee the campus and continue to attract new businesses to the site.
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“Given its rich history and unique infrastructure, the Huron campus is positioned for incredible growth and opportunity,” Frank Crivello, Founder and President of Phoenix said in a press release. “Over the next year, we will be renaming the campus to reflect its future and make significant capital improvements. “
The purchase price was not disclosed, but a 2020 appraisal showed it was valued at just over $ 1.8 million, but that figure was only a fraction of market value, as ratings across the city of Union, which is home to the resort, only reflect 1 / 25th. of actual market value, as calculated by the state.
“The village of Endicott has been industrial for over 100 years when Mr. Johnson built the village around his shoe factory and tanneries,” said Endicott Mayor Linda Jackson. village, we have a lot to look forward to. “
About 2.9 million square feet of the campus went up for sale last year following the bankruptcy of Maines Paper & Food Service Corp. Potential sale of the facility disclosed in July 2020.
Last year, a $ 35 million mortgage hung over the property and the proceeds were used to help boost Maines’ food distribution business before it went bankrupt.
While Phoenix says it has purchased the 4 million square feet that make up the site, only 2.9 million reported square feet remain viable due to facilities left inoperable due to a pool of TCE below that seeps into toxic fumes in these buildings.
By the mid-1980s, the complex housed nearly 11,000 workers, and IBM’s well-paid employees were part of a vibrant shopping and retail center along the Washington Avenue neighborhood of Endicott.
IBM’s microelectronics business was sold to local investors in 2002. Over the years, the company faltered, reducing its workforce from 4,000 to a few hundred when it finally declared bankruptcy.
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