Massive IBM Complex Goes On Market

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EAST FISHKILL, NY-Preferred Real Estate Investments, Inc., which purchased the Hudson Valley Technology Campus from IBM in February 2006, has hired CB Richard Ellis as exclusive leasing and sales agent for the Dutchess County property here. The Conshohocken, PA-based firm paid $20 million for the nearly one-million-sf complex and signed a short-term leaseback with IBM in early 2006.

The complex, which had been known as the Hudson Valley Research Center West Campus when IBM owned and operated it, is now completely vacant, says CBRE’s Frank Tomasulo who will be working with colleague Paul Hoffmann on marketing the property. The campus, which sits on 160 acres, has the largest block of quality multi-use space for sale or lease in the Hudson Valley, Tomasulo adds. The campus features six buildings that offer office and manufacturing space. About 80 acres of the campus could house further commercial development.