TechCity Engages Alvarez & Marsal to Begin Process to Sell Property
By Business Wire News
TechCity Properties has engaged Alvarez & Marsal Real Estate Advisory Services (A&M) to begin a process that will result in the sale of all or part of the 258-acre 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, the property has its own road network and CSX 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: “We have seen some notable achievements since we took ownership in 1998. We have attracted a number of businesses, obtained approval for a new master plan and, through our marketing, told a positive story about the region to countless people around the world. I am also pleased to be able to say that the completion of IBM’s environmental remediation efforts is now within sight – perhaps less than a year away.
“Having devoted a significant portion of my life and a considerable amount of my personal resources to making TechCity a success, I am now hopeful that it will attract the interest of developers who see it as an asset with great potential.”
The property’s additional attributes include:
- Proximity to a regional and national transportation network;
- A large fresh water supply for cooling;
- Ample supply and easy access to gas and electrical service, sufficient for data centers and back-up generators;
- Access to a diverse fiber optic network.
- On-site helipad.
- Magnificent views in the midst of the scenic Hudson River Valley.
Located within a community that is known as a center for art, music and culture, with affordable housing stock and numerous nearby educational institutions, the property has an approved master plan that would allow for its use in office, manufacturing, distribution, R&D, and a variety of recreational uses. It is also a participant, in partnership with Ulster Community College, in New York State’s “Start-Up New York” program.
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 in this cost-effective location.
Alvarez & Marsal is a leading global professional services firm that delivers performance improvement, turnaround management and business advisory services. A&M Real Estate Advisory Services has more than 60 dedicated real estate professionals in nine offices in the U.S. and Europe. It provides innovative, action-oriented and results-driven services to owners, investors, lenders, managers and occupiers of real estate.
The A&M team is being led by Managing Director Jerry Pietroforte, who has more than 30 years of real estate and capital markets experience and specializes in restructuring, strategic planning and transactional execution. He has served as a lawyer, banker, financial advisory and principal. He has evaluated real estate equity and debt matters in excess of $100 billion and he has structured purchases and sales of numerous real estate assets.
Steven Alschuler, 917-647-2151