National Resources Acquires IBM East Campus in Fishkill
Real Estate In-Depth | October 2017
EAST FISHKILL—National Resources of Greenwich, CT has acquired the former IBM East Campus in Fishkill. NRE is taking ownership of 300-acres of land with 2 million square feet of buildings from GlobalFoundries.
The campus is set to become one of NRE’s signature i.Park-branded mixed-use tech/flex redevelopments with retail, hotel and residential components. National Resources is the developer and owner of i.Park Hudson in Yonkers as well as the luxury Hudson Harbor residential development in Sleepy Hollow.
GlobalFoundries, with 2,500 employees, will continue to own 160-acres where it manufactures the 300 mm wafer plant and will lease several buildings from NRE. IBM and eMagin will lease offices, laboratories and clean rooms keeping the tech heart oriented focus of the park in place. Several high bay spaces are to be leased to new users and high cube build-to-suit warehouses have been designed for distribution and fulfillment center users seeking the direct access to I-84 and New York City at this location.
Over the past six months, NRE has been working with the Dutchess County Executive’s Office, Think Dutchess Alliance for Business, the Town of East Fishkill and Empire State Development to prepare the site with the suitable zoning and parcel subdivision in order to secure users for its new commercial, industrial and mixed-use facilities.
Joseph Cotter, president of NRE, and Lynne Ward, NRE executive vice president, said they are striving for another success to compliment their fully leased portfolio of i.Parks in the NY/CT metro area.
NRE is a specialized real estate development and investment firm that focuses on the redevelopment of corporate industrial sites and is best known for its landmark waterfront residences and innovative i.Parks. In addition to i.Park Hudson, current and past commercial projects include i.Park Norwalk in Norwalk, CT and i.Park Lake Success in Long Island.
“The business plan is to take advantage of the $1 billion in infrastructure that currently exists at the site and provide new warehouse distribution opportunities in the I-84 corporate growth corridor. The skilled workforce in the area should be a major attraction for employers,” Cotter says.