IBM Corp’s property disposal programme in the US (CI No 2,251) is assuming enormous proportions, Gannett News Service reports. It calculates that IBM is trying to get rid of about 40% of its US property holdings – about 18m square feet of space – by the end of this year, which makes it sound like a distressed seller. I’ve not heard of a company disposing of that much space that fast, said Gary Alfson, senior vice-president at Grubb & Ellis, a San Francisco property company. Even so, the sales will save the company only about $250m a year. In addition to the Hudson Valley, New York properties, other IBM facilities up for sale or lease include the former IBM North America headquarters in Purchase, New York, 425,000 square feet of office space. The Franklin Lakes, New Jersey former headquarters for IBM maintenance and service engineers, 600,000 square feet. Also on offer is part of IBM’s famous 590 Madison Avenue building in Manhattan: IBM is sole occupant of the 800,000 square foot building, but wants to wants to sub-lease about 300,000 square feet; 100,000 square feet are also on offer at 1 IBM Plaza in Chicago.
