After a year and a half, Georgia Tech is set to close on its purchase of Lockheed Martin's South Campus in Cobb County.
The research university plans to complete its purchase in December of four buildings on 52 acres on the Lockheed Martin property in Cobb County. The buildings are adjacent to five buildings currently occupied by the Georgia Tech Research Institute.
Georgia Tech will use at least one of the buildings as soon as possible.
Built in 1971, the four-building portfolio is expected to fetch a price of $24 million, or approximately $32 per square foot, according to CoStar information. The property includes about 20 acres of undeveloped land.
The four buildings Georgia Tech will acquire are located at 2021 Dixie Avenue in Smyrna, adjacent to Dobbins Air Reserve Base.
The South Campus previously served as home to operations of the F-22 Raptor program. The complex became surplus when the government stopped production of the stealth fighter jet in 2013.
In June 2016, Georgia Tech announced plans to acquire the South Campus to expand the research institute.
When Georgia Tech initially announced plans to acquire the South Campus, University President G.P. "Bud" Peterson pointed out that Tech and Lockheed Martin had worked together in various ways for several years.
When the deal was struck, Karmyn Norwood, Lockheed Martin's vice president for the company's line of business integration, deemed the agreement "a win-win situation as we evolve our business and assist Georgia Tech in expanding their capabilities."
