Aviation display firm to buy building it leases.
Rosen Aviation Displays LLC is in the process of acquiring the 103,000-square-foot former Rosen Products building in the Greenhill Technology Park in west Eugene.
Rosen Aviation, a maker of flat panel display screens and related equipment for business aircraft, has been leasing about 33,000 square feet of space in the Owen Loop building since late 2002.
Rosen Aviation owners John Burns and Darren Sparks bought the aviation segment of shuttered Rosen Products LLC's flat panel display screen business almost three years ago. Rosen Products, a subsidiary of Philadelphia-based conglomerate The Berwind Group, closed the 225-worker west Eugene operation in September 2002. Both Burns and Sparks are former Rosen Products executives.
In a statement, Burns and Sparks said they decided to buy the building because other parties were interested in leasing or buying the facility. Worried that a business willing to buy or lease the entire building might force Rosen Aviation to relocate, the partners a month ago hammered out a deal to acquire the light industrial structure from The Berwind Group, according to the statement.
Burns was out of the office Monday and Sparks did not respond to a message left by The Register-Guard.
Rosen Aviation, with 50 employees, doesn't anticipate needing the unoccupied 70,000 square feet of space anytime soon, so the company is looking to lease the area it isn't using, the statement said.
The portion for lease includes 15,000 square feet of office area and 55,000 square feet of warehouse. In their statement, the owners said they would be willing to subdivide and make improvements for the appropriate tenants.
It is unclear what Burns and Sparks will charge for leasing the space, or how much they will spend to buy the building.
The acquisition hadn't closed or been recorded by Lane County as of 5 p.m. Monday. The Berwind Group bought the building and the 6.3 acres it sits on for $7 million in 2002, according a deed on file with the county.
Development Report runs Tuesdays. To suggest items, contact Joe Harwood at 338-2364 or firstname.lastname@example.org.
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|Title Annotation:||Real Estate & Housing|
|Publication:||The Register-Guard (Eugene, OR)|
|Date:||Jul 26, 2005|
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