865,000 Square Feet of Office Space is On the Market in Southbury

A unique property that up until recently housed one of the largest companies in the world has just hit the market in Southbury.

Southbury Economic Development Commission has just announced that IBM has put it's Southbury IBM campus up for sale. It's a massive complex that most of us have never seen, unless you catch a glimpse of the hilltop brown building near exit 14 of I84. The campus consists of eight buildings with 865,000 square feet of office space, and it's set on 220 acres of forested land.

According to the listing on LoopNet.com from Cushman and Wakefield, the four-story building was built in 1988, has enough parking for 398 spaces, and the property has been assessed for just under $50,000,000. The new owner will have a $1,493,260 property tax, but the asking price has not been published.

According to Kevin Bielmeier. Director of Economic Development for the Southbury Economic Development Commission -

"There is already interest in the property, but with little demand for office space these days, the town may consider rezoning the property."

What does that mean for Southbury? Officials will consider converting the old IBM campus into condos and apartments. Is it time for Heritage Village to make its way across Main Street South and I-84? Or will Amazon or UPS sniff out what they've desperately tried to get done in neighboring Middlebury for the past few years and spot a perfect location for one of their distribution centers? Who's to say? But the old IBM campus has the most important factor in real estate - location.