Following its emergence from bankruptcy reorganization last fall, Kodak has decided to pursue the sale of its Eastman Business Park. At 1,200 acres, the property is one of the nation’s largest and most diverse industrial and technology parks, containing nearly 7.2 million square feet of industrial and office space.
Kodak still owns and occupies about 2.5 million square feet of space there and the company has committed to maintaining a significant presence of its research and development and manufacturing activities at the site, including two new projects focused on production of films for touch screen sensors in collaboration with UniPixel and Kingsbury.
Share with Your Followers on Twitter
Kodak said it believes the site can best continue its transformation into a multi-use, multi-tenant industrial facility under the ownership of a firm focused on its redevelopment. At the same time, the sale of th eproperty is expected to help Kodak focus on its commercial imaging businesses.
“Eastman Business Park is already on the path to becoming a powerful economic growth engine for our region and a vibrant center of invention to several technology sectors. A strong new owner will expedite that process,” said Jeff Clarke, CEO of Kodak. “At the same time, Kodak needs to focus on what it does best: innovating and delivering superior solutions to customers around the world. Selling EBP is the right move for the right reasons at the right time.”
“EBP is a critical center of employment for the Rochester economy and the growth of EBP is the highest priority of the Finger Lakes Region Economic Development Council," said Kenneth Adams, president, CEO of the state’s Empire State Development. "We will continue to work with Kodak and a potential new owner to ensure stability and attract more private investment and advanced manufacturing jobs to EBP."
EBP encompasses 1,200 acres in the City of Rochester and Town of Greece. It has a power plant with 125 megawatts of capacity, water supply and wastewater treatment facilities, security and emergency services, and an in-plant railroad.
Late last year, Kodak sold the site’s utilities to RED, an industrial energy efficiency firm that plans to upgrade and operate the unique and comprehensive utility infrastructure.
Keep up weekly on national news, trends and property leads with the Watch List Newsletter,
a weekly pdf that includes other news and leads not found on the CoStar Group web news pages. Sign up for the Watch List E-Mail Alert
. A new issue is published Monday mornings.
Hilco Real Estate Auctions: Multi-Family Skokie Portfolio - (6) 4-Unit Buildings.