ENDICOTT, NY — Phoenix Investors has purchased a former IBM campus made up of 29 buildings and encompassing 130 acres near Binghamton. The campus is commonly known as the birthplace of IBM and comprises approximately 4 million square feet in Endicott, NY. The cluster of buildings, generally encompassing downtown Endicott is now known as the Huron Campus, an industrial, R&D, and office campus and opportunity zone for the greater Binghamton area in New York.
Phoenix Investors is based in Milwaukee and the price of the deal was not disclosed.
Dubbed the “Valley of Opportunity” in the late 1800s, the greater Binghamton area maintains a history and culture still rich with ties to the Industrial Revolution; today, it serves as a valuable hub to the region’s diverse markets. In addition to exceptional commercial quality, the Huron Campus also boasts proximity to Binghamton University (SUNY) and SUNY Broome Community College as well as convenient access to the Erie Canal, New York City, Buffalo, Rochester, Scranton, Syracuse, and both the Pennsylvania and Canadian borders. The greater Binghamton area’s industrial market is robust, as is the local labor market; major industries include manufacturing, engineering, technology, trade and transportation, education and health services, leisure/ hospitality, and the U.S. Government.
The Huron Campus is the birthplace of IBM and was once exclusively occupied by the world-renowned company. IBM still maintains a presence on the Campus. IBM made a massive financial investment into the Campus over many decades creating infrastructure that is highly attractive to industrial and office tenants, including an abundance of stable, low-cost power, redundant waste treatment, and other structural, mechanical, and process support ideal for R&D or manufacturing use.
Two decades ago, a prominent local investment group acquired the Campus and began the process of converting the campus to multi-tenant occupancy. This group was successful in attracting a number of high-quality companies to the Campus, most notably, BAE Systems. BAE Systems employs over 1,400 associates at the Campus across its business units. In total over 2,800 people are employed on the campus, with significant new hires planned in the coming months.
Since early this year, Phoenix collaborated with the Seller to attract next generation companies and technologies to the Huron Campus. Recent lease agreements with high-tech firms Imperium3, a pioneer in the lithium-ion battery space, and Ubiquity Solar, a cutting-edge firm in the solar space. The lithium-ion battery industry is estimated to reach a market value of $93.1 billion by 2025. The solar industry is estimated to reach a market value of $200 billion by 2026.
Going forward, Phoenix plans to apply its renovation and marketing approach and expand the complex’s offerings through Phoenix Logistics to attract further tenants to the campus. The complex offers a unique opportunity to provide tenants with a plethora of amenities at an affordable price.
“The Village of Endicott has been industrial for over 100 years when Mr. Johnson built the Village around his shoe factory and tanneries. With our new, clean, and green technology companies coming to our Village, we have a lot to look forward to. As the mayor of Endicott, I want to extend any assistance we can give to our new campus owners. We look forward to a long and equally beneficial working relationship!” said Endicott Mayor Linda Jackson.
“It’s great to see that the local investments made in the former IBM Huron Campus are paying off and generating outside interest and investments in this historic site. Rather than looking backward in nostalgia, announcements like this make me excited to look toward the future of our Endicott community,” said Senator Fred Akshar.
“Given its rich history and unique infrastructure, the Huron Campus is positioned for incredible growth and opportunity,” said Frank Crivello, Phoenix’s Founder & Chairman. “Over the next year we will rebrand the Campus to reflect its future and make significant capital improvements.”
