This morning, Kodak announced that it's putting Eastman Business Park up for sale.
The company had been selling off chunks of the park to outside businesses or leasing space in its buildings. But now the company wants to offload the remaining property entirely. From its press release
"Kodak believes the uniquely well-equipped site can best continue its transformation into a multi-use, multi-tenant industrial facility under the ownership of a firm focused on its redevelopment. At the same time, EBP's sale will help Kodak to maintain its focus on its commercial imaging businesses."
The announcement comes just one month after Kodak, the State Department of Environmental Conservation, and the federal Environmental Protection Agency agreed on a trust fund
to pay for legacy pollution at the industrial complex and in the Genesee River. Under that agreement, future tenants and owners are absolved of liability for pollution caused by Kodak.
Last year, Kodak also finalized the sale of the business park's power plant and utilities system to Recycled Energy Development. The company plans to upgrade the plant so it meets new federal and state emissions requirements. Economic development officials have said the low-cost electricity and other utilities will make the site attractive to certain key industries.
State and local government officials have said that redeveloping the former Kodak Park into a multi-tenant manufacturing, commercialization, and research facility is a top regional priority. The state has invested considerable economic development funding and incentives into the site: $90 million by Kodak's account.
The press release doesn't say whether Kodak is using a broker for the sale, though it does say that interested parties can contact Paula Gutkin, the company's managing director of corporate development. The press release also doesn't say what the asking price is for Eastman Business Park, though it's safe to say the price will be substantial.
The park occupies 1,200 acres in Rochester and Greece, but Kodak only owns 700 acres of that property. A two-page sell sheet is available here
. And the Eastman Business Park website has a blog post
devoted to the sale of the property.