New owner closes on deal to buy Elmgrove tech park

Smriti Jacob//August 15, 2007//

Listen to this article

Brooklyn-based Tryad Group has closed on its purchase of the Rochester Technology Park located at the former Eastman Kodak Co. Elmgrove facility in Gates, officials said.
The company agreed to purchase the 5 million-square-foot facility for $55 million earlier this year and completed the sale late Tuesday.
With initial plans to invest an additional $12 million in upgrades to the tech park, Tryad Group plans to attract local, national and multinational companies to the site, the company said.
Josh Yashar, a principal of Tryad Group, in a statement said several lease agreements for the site are in advanced negotiations.
â€œThe tech park provides an abundance of very valuable and sought-after commercial space,â€ he said. â€œWith several lease agreements in progress for space at the tech park, we believe that the Rochester area and Monroe County (have) a lot to offer both startup businesses and those seeking to expand or relocate.â€
Tryad Group secured tax incentives for businesses operating at RTP through the County of Monroe Industrial Development Agency. In June COMIDA approved exemptions on sales taxes and mortgage taxes, and the assumption of a payment-in-lieu-of-taxes agreement, for Tech Park Owner LLC, an affiliate of Tryad Group. It is similar to the one negotiated with the former owner of the tech park, California-based Cohen Asset Management Inc.
Seven years ago, Cohen Asset Management paid $30 million for the Elmgrove site. In February 2006 the Rochester Business Journal reported the previous owner of RTP was seeking around $100 million for the property.
The sale of the tech park to Tryad Group was brokered by Moore Corporate Real Estate Inc. Tryad Group develops and owns industrial properties, as well as multifamily and mixed-use properties in New York, New Jersey, Michigan, Florida and Pennsylvania.