The 258-acre TechCity site in upstate New York is for sale.
TechCity Properties has engaged Alvarez & Marsal Real Estate Advisory Services (A&M) to market the property.
The site contains 1.7 million square feet of existing space and has the potential for millions of square feet of additional development.
Jerry Pietroforte, who heads the A&M team, said: “This sale represents a unique opportunity to acquire office and manufacturing buildings at a significant discount to replacement value, as well as developable land in a magnificent setting with views of the Catskill Mountains and Esopus Creek, near the historic towns of Woodstock, Rhinebeck and Kingston, New York.” Originally built by IBM for its own use, TechCity has its own road network and rail link and is organized to allow for development of individual buildings on 27 separate tax parcels, clusters or as a multi-faceted commercial park.
TechCity CEO Alan Ginsberg said that the completion of IBM’s environmental remediation efforts is now within sight – perhaps less than a year away.
Because the property is being offered for sale in whole or in part, there are a variety of possible scenarios, ranging from an individual owner with a vision for the entire site to a small business that sees an opportunity to relocate and grow by purchasing an individual building.