Preferred Real Estate Investments Acquires World-Class Technology Campus From IBM28 January 2006
Preferred Real Estate Investments, Inc. ("Preferred") has acquired the West Campus of IBM's Hudson Valley Research Center. The West Campus, which Preferred will market under the name Hudson Valley Technology Campus, is located at 2070 Rt. 52 in East Fishkill, New York.
Located in the Hudson Valley, one of the most technologically rich areas in the U.S., this facility is approximately 90 minutes by car and 30 minutes by helicopter from New York City. It includes more than one million square feet of space, with an option to add an additional 600,000 square feet of build-to-suit opportunities. Preferred intends to market it for large office, data center and clean room manufacturing applications.
"This is a one-of-a-kind facility," said Mike O'Neill, CEO of Preferred Real Estate Investments. "It offers exceptional infrastructure and is uniquely suited for companies requiring highly specialized manufacturing space, such as those in the semiconductor, nanotechnology, aerospace, biotechnology and pharmaceutical industries."
IBM will continue to operate the adjacent East Campus, which is home to its world class, state-of-the art 300 mm wafer fabrication facility which was recently spotlighted in a Forbes magazine cover article.
The 160-acre West Campus includes four buildings with approximately 500,000 square feet of office, data and call center space, as well as 400,000 square feet of clean room manufacturing space. Additional amenities include a state-of-the-art nitrogen-to-dry lab, bulk gas delivery facilities, a central utilities plant, two power substations, a wastewater treatment plant, a cafeteria, a 400-seat auditorium and breakout rooms.
Due to the existing infrastructure of the site, Preferred has the option of redeveloping the existing structures. This would enable it to market up to one million square feet of build-to-suit office and/or manufacturing space.
The facility is located within one of New York State's 72 Empire Zones. New York State is on the leading edge worldwide in putting together economic incentive programs to attract technology companies. As a result, the State has solidified its position as a major hub for high technology business development. The Empire Zone designation offers significant tax and financial incentives to technology businesses that have established, or are looking to establish, operations in New York including:
- The opportunity to operate on an almost "tax-free" basis for up to 10
years, with additional savings available on a declining basis in years
11 through 15
- Reduced utilities costs
- Financial assistance through direct loans, grants and interest rate
subsidies
- Tax credit exemptions
About Preferred Real Estate Investments, Inc.
Preferred Real Estate Investments, Inc. ("Preferred") is one of the largest privately held commercial and industrial real estate developers in the United States, controlling more than 12 million square feet of commercial real estate valued at well over $1 billion. Headquartered in suburban Philadelphia, with offices in New Jersey, Maryland and Massachusetts, Preferred has operations in 10 states and is an industry leader in the creative master planning and mixed-use redevelopment of large commercial sites that include historic renovations, ground-up construction, office, residential and retail development. For more information, please visit http://www.preferredrealestate.com.
Source: prnewswire
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