Two development companies donated the Enterprise Center building in the Arkansas Research and Technology Park to the University of Arkansas Technology Development Foundation.
The 65,000-SF facility was appraised at more than $20 million, the university said. It opened in 2009 and was leased to the university as part of a private-public partnership to help support start-up companies.
Developers CRG of St. Louis and IDEA Partnerships of Philadelphia developed the property, which was built by CRG’s parent company, Clayco.
Clayco founder and executive chairman Bob Clark said the donation helped the developers by being a tax deduction, and the UATDF gains the flexibility of owning the property.
“The university and the foundation are delighted to have been able to work with Clayco and IDEA Partnerships to structure this donation in such a way that all parties are able to benefit,” said David Snow, the president of the UATDF. “We are very grateful for the donation of the Enterprise Center Building. It will provide ongoing benefits to our expanding innovation ecosystem here at the Arkansas Research and Technology Park.”
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