Yonkers to Buy Lockheed Martin Complex for $15 Mil

YONKERS-Edward Sheeran, special assistant to Mayor John Spencer and executive director of the Yonkers Industrial Development Agency, says the building will cost the city approximately $15 million. The deal is between Lockheed Martin Corp. and Ridge Hill Development Corp., a company formed by the Yonkers IDA specifically for this transaction. The building was constructed 22 years ago at a cost of $39 million. The deal would also involve takeover by the city of a 77-year lease on the 83-acre Ridge Hill property from the state of New York. The complex is located just north of Tuckahoe Road and nearby the Austin Avenue retail development.

Sheeran also revealed that once the sale is completed, BAE Systems, which purchased Lockheed Martin Aerospace division operations recently, will lease and occupy approximately 107,000 sf of space at the building. On Nov. 27, BAE closed on the $1.67 billion acquisition of Lockheed Martin Aerospace Electronic Systems. Part of the sale was the company’s Information and Electronic Warfare Systems facility in Yonkers.

“We have already received a fair amount of interest from some major corporations,” Sheeran says about the remaining 143,000 sf of vacant office space at Ridge Hill. The city will initially try to secure lease deals at the property on its own, but at some point may use a commercial brokerage firm to secure tenants.