KVK-Tech Inc., a specialty pharmaceutical company, has
entered into an agreement to buy Lockheed Martin's Newtown, Pa., property.
Lockheed put the site up for sale last summer and KVK
said in a statement that it has the property under agreement and is scheduled
to close on the transaction in June.
The property at 100 Campus Drive has 460,514 square feet
of office, lab and high-tech manufacturing space in a series of buildings. It
also includes a conference center that was constructed in 2010. The property is
approved for an additional 192,000 square feet of office space.
How much the company paid couldn't be confirmed but it
was listed for $30 million. KVK is now located at 110 Terry Drive in Newtown.
Lockheed will remain in the complex until the end of the
year and KVK will begin to fit the space out beginning in January 2016.
In a statement, Anthony Tabasso, president and chief
executive officer at KVK, said: "We are excited to add the Lockheed
Facility to provide for the next stage of KVK's growth. In doing so, KVK is
renewing its commitment to the Newtown business community. We expect to create
quality jobs here over the next several years as we continue to manufacture
high-quality pharmaceuticals exclusively in the USA."
How many jobs couldn't be determined.
Lockheed used the Newtown complex for its commercial and
military satellite work and has undergone a reorganization in which it no
longer needs the facility. JLL arranged the sale.
Source: Philadelphia
Business Journal
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