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. the flex building was conveyed to the lender in 2014.
As NASA’s operations
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
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,
the buildings are 100% leased.
TechPark Development Company is a joint
venture of Flagship Properties and IJC TechPark Corporation.
IJC TechPark is owned by the estate of Cleveland developer
Irving J. Chelm.