Edward Sheeran, special assistant to Mayor John Spencer and executive director of the Yonkers Industrial Development Agency, reports that the $15-million transaction closed on Dec. 14. He explained that the sale was between Lockheed Martin and Ridge Hill Development Corp., a company formed by the Yonkers IDA specifically for this transaction. The agreement will also involve the 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 notes that BAE Systems, which purchased Lockheed Martin's aerospace division operations recently, has signed a lease for approximately 107,000 sf 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.

At the moment, the city is taking inquiries on the remaining 143,000 sf at the building. However, Sheeran says that Yonkers is "exploring its options" on how to market the available space there and could turn to a commercial brokerage firm in the future.