Insignia/ESG is marketing Northrop's Building 1 through its Syosset, Long Island office. Brokers Phil Heilpern, Richard Karson, Martin Lomazow and Larry Weiss will handle the sale.
Northrop Grumman currently occupies the entire one- and two-story facility, which is a mix of 45% office and 55% warehouse and manufacturing space. Much of the industrial space is employed as a staging area for inventory to be used at other Northrop facilities on Long Island. Four of Northrop's remaining Bethpage buildings are currently under renovation as part of a consolidation initiative begun last year.
The company tentatively plans to lease back roughly 70,000 sf once the property is sold. If Northrop negotiates a leaseback deal, the company's Logicon datasystems group would occupy office space in the building. Earlier plans were to move the group out of Building 1 prior to a sale. The unit, based in Herndon, VA, is Northrop's computer services provider.
Built in 1930, the complex sits on a 25-acre parcel, the remainder of which could be developed in the future, company officials say. The Eastern Nassau County facility is adjacent to the Bethpage Long Island Railroad station and the tracks run along the property line.
The facility's proximity to rail transportation is a selling point for office users and "with 20-ft. clear height on a good portion of the property, it should be attractive to warehouse and distribution companies," Insignia's Heilpern tells GlobeSt.com.
Northrop, which currently employees 1,600 area workers, has been selling off assets since it acquired Grumman in the mid-1990s. At that time, the company occupied about 600 acres on Long Island.
One of the country's major defense electronics manufacturers, Northrop Grumman produces nearly 60% of the Pentagon's airborne radar systems and is heavily involved in missile defense. It is the second-largest provider of information technology for the federal government and the world's largest naval shipbuilder. The company has projected 2002 revenues of $18 billion and has a workforce of roughly 100,000 located in 44 states and 25 countries.
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