Last edited 2:09 p.m., Oct. 16, 2013Bethesda, Md.-based Lockheed Martin Corp. is looking to terminate its contract with Jordan Valley Innovation Center in downtown Springfield.
The Missouri State University Board of Governors is slated to vote during its upcoming Oct. 18 meeting on a resolution allowing the company to end its lease agreement early, according to the board agenda. The board's executive committee is scheduled to meet today, with the full board coming together Friday.
If approved, Lockheed Martin would vacate JVIC on or before Nov. 30, and pay MSU $504,000 in exchange for a release from its contract.
"Like a lot of big defense contractors in the country, they're consolidating their operations," said Jim Baker, MSU vice president for research, economic development and international programs.
The termination agreement, included with the resolution item at
MissouriState.edu, states Lockheed Martin currently occupies about 7,600 square feet at JVIC, paying annual rent of $131,242 in monthly installments of $10,937. Its lease ends Sept. 30, 2016.
Lockheed Martin officials could not be reached for comment by deadline. Baker said MSU would seek to fill the vacant space, and he noted other groups have indicated their interest in the downtown property.
Among Lockheed Martin's developments while at JVIC is NRAM, a trademarked computer memory that remembers where the user left off after shutting down a computer. Lockheed Martin (NYSE: LMT) replaced JVIC tenant Nantero in 2008 after acquiring Boston-based Nantero's government business unit, according to
Springfield Business Journal archives.[[In-content Ad]]
