TechPark Development Company, a Flagship entity, is a co-general partner of TechPark Limited Partnership, the developer of Aerospace Technology Park in Brook Park, OH. Brook Park is immediately adjacent to the Cleveland Hopkins International Airport and NASA's John Glenn Research Center. Glenn is one of NASA's eight research installations and focuses on microgravity research, aeronautics and aerospace power and propulsion. It has primary responsibility for all space station power systems. TechPark's initial responsibility was to construct office, research and laboratory facilities for the private contractors within the Park.

After assembling five privately owned parcels to form the Park, Flagship arranged public infrastructure financing with a consortium of the City of Brook Park, Cuyahoga County and the State of Ohio. Sverdrup Technology, Inc. took occupancy in October 1989 of the first building, a 90,000 sq. ft. build-to-suit. The $8,000,000 construction financing was obtained from AmeriTrust Company, NA (now Key Bank), Cleveland, OH. Also completed were a 28,000 sq. ft. calibration and repair laboratory for the Shuttle instruments, a 24,000 sq. ft. office building for NASA personnel and a 78,000 sq. ft. office/R&D building for Analex Corp. All construction was financed through National City Bank of Cleveland. A 100,000 sq. ft. flex building completed in 1992 was built as a joint venture with TIAA-CREF. Prudential Insurance provided permanent non-recourse financing for the first four buildings, which have since been refinanced with Lincoln Road Capital Holdings LLC and Transamerica Life Insurance and Annuity Company.

As NASA’s operations became more closely focused on space exploration, the importance of the Glenn Center waned in comparison with the other labs. Although this is changing, the percentage of aerospace tenants in the overall mix has declined over time. Many remain, and Eaton Corporation and Northrup Grumman are still amongst our largest tenants. To counter these trends, the owners have focused on attracting non-aerospace tenants to its park-like setting and immediate proximity to Hopkins Airport. At the same time, the R&D building was sold to the City of Cleveland for airport expansion purposes and Aerospace Parkway was connected with I-X Center Drive. That connection has given the Park excellent access to the regional interstate system. As a result of those efforts, our largest single tenant is the back-office operations of National City Bank.

Under the newly energized leadership of Dr. Woodrow Whitlow, NASA Glenn has recently been awarded more space exploration assignments. Glenn now has primary responsibility for the next generation of human operated spacecraft, including the Crew Exploration Vehicle (CRV), the Service Module and the Spacecraft Adapter. Time will tell what these changes will mean for Aerospace Technology Park, but, in the meantime, all buildings are 100% leased.