LOUISVILLE, Ky., May 30 /PRNewswire/ -- Titan Research and Development Louisville, LLC ("Titan") and BAE Systems, Inc. announced today the signing of a new long-term lease, in which BAE Systems has agreed to sublease 629,329 square feet at the Airport Industrial Center, formerly Technology Park, in Louisville over the next 10 years. The defense and aerospace company, which presently occupies the space, has an option to extend its lease for an additional five years, once the initial term expires in 2016.
"BAE Systems delivers outstanding products to the U.S. Department of Defense, and this new lease agreement ensures the company's quality work will continue to be performed in Louisville, Kentucky," said Congresswoman Anne Northup. "I commend all involved in reaching this agreement that will be good for the military, our community, and the more than 300 BAE employees currently employed at the Airport Industrial Center."
BAE Systems opened its doors in Louisville in 1996 and includes manufacturing, engineering and customer support. Local officials and Titan believe BAE Systems' new sublease will help to promote further development and corporate expansion at the facility.
"This lease agreement means secure jobs and a new, long-term corporate commitment to our community," said Mayor Jerry Abramson. "Having this large anchor tenant, with hundreds of good-paying jobs, now committed signifies greater growth for the future."
The Airport Industrial Center is a 1.5 million-square-foot industrial and mixed-use center, located near Louisville International Airport, all major highways (Interstates 264, 64, 65 and 71) and close to major manufacturers and employers in the Greater Louisville area. For 55 years, the property operated as the Naval Ordnance Station until the Navy closed the base in 1996, and privatized the park through the cooperation of federal and local governments.
"Now that BAE Systems has an agreement with Titan, we can move forward with our plans to explore ways to bring new work and new jobs to Louisville," said Mike Seale, program director for Homeland Defense at BAE Systems. "BAE Systems has a long, proud history of supporting the U.S. Navy and we're happy to carry on that tradition in this community."
"We are excited that we were able to conclude an agreement with BAE Systems to remain one of the primary tenants anchoring the Airport Industrial Center," said Lawrence A. Kestin, managing principal of Glenmont Capital Management, LLC, which is the managing partner of Titan Research and Development Louisville, LLC. "BAE Systems' long-term commitment not only allows the Center to retain a substantial employer for the Louisville community, but also provides a foundation upon which new tenants and consequently new jobs can be secured. In addition, we believe that our already substantial investment in the property and our commitment of additional capital and other resources over the next several years will pave the way for further growth of the Center through the redevelopment of existing buildings and the development of new buildings, which we intend to pursue."
About Titan Research and Development Louisville, LLC
Titan Research and Development Louisville, LLC entered into a 99-year lease agreement with the Louisville Jefferson County Redevelopment Authority, allowing for the operation and further development of the Airport Industrial Center. Titan's principal owner is Glenmont Capital Management, LLC, an independent real estate investment company headquartered in New York City.
About BAE SYSTEMS
BAE Systems is the premier trans-Atlantic defense and aerospace company, delivering a full range of products and services for air, land and naval forces, as well as advanced electronics, information technology solutions and customer support services. BAE Systems, with more than 100,000 employees worldwide, had 2005 sales that exceeded GB 15.4 billion Pounds Sterling (U.S. $28 billion).
SOURCE Titan Research and Development Louisville, LLC
CONTACT: Rebecca Fleischaker for Mayor's Office, +1-502-574-2974, [email protected]; or Doug Coffey of BAE Systems, +1-703-312-6121, [email protected]; or Rob Solomon of Gavin Anderson & Co., for Titan Research & Development Louisville, LLC, +1-212-515-1964, [email protected]
