Lockheed Martin Sells Real Estate to Georgia Tech
Marietta, Georgia, June 27, 2016 – Lockheed Martin (NYSE: LMT) and the Georgia Institute of Technology have signed a contract on a real estate deal that includes four buildings and 52 acres on Lockheed Martin’s south campus in Marietta.
Collocated with five buildings occupied by the Georgia Tech Research Institute in Cobb County, the additional space for conducting and administering applied research will relieve crowding in Georgia Tech’s rapidly expanding research enterprise.
“Lockheed Martin and Georgia Tech have worked together in numerous areas over the years,” said Georgia Tech President G.P. “Bud” Peterson. “This is another area in which our collaboration will prove to be mutually beneficial as we both look to serve our nation with our respective capabilities.”
The portion of the Lockheed Martin facility being sold previously housed the offices and operations for the F-22 Raptor program. These facilities were vacated when production of the F-22 ceased in 2013.
“This is a win-win situation as we evolve our business and assist Georgia Tech in expanding their capabilities,” said Karmyn Norwood, Lockheed Martin vice president for line of business integration.
The deal could see as many as 500 jobs located in Cobb County as Georgia Tech uses the facility for research and education.
“This is great news for Cobb County,” said Tim Lee, Cobb County Commission Chairman. “Both Lockheed Martin and the Georgia Tech Research Institute are great community partners and this purchase strengthens our reputation as a center for research, development and high-tech jobs.”
About Lockheed Martin
Headquartered in Bethesda, Maryland, Lockheed Martin is a global security and aerospace company that employs approximately 125,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services.
About Georgia Institute of Technology
Consistently ranked in the U.S. News & World Report’s top 10 public universities in the United States, the Georgia Institute of Technology is creating the next – the next idea, the next technology, and the next legion of agile minds well equipped to imagine and engineer our future. Georgia Tech provides a focused, technologically based education to 25,000 undergraduate and graduate students committed to improving the human condition through advanced science and technology. Undergraduate and graduate degrees are offered in the colleges of Business, Computing, Design, Engineering, Sciences and Liberal Arts.