Technology only happens at Tech Parks and Innovation Hubs. Could this all be a funny little Real Estate Scheme? The days of stealth garage inventors may be coming to an end. (No comment on what’s going on in Wyoming garages). This seems like an efficient use of space: Lease out some space for college kids to work on missiles. Something we can all get behind. Follow along to read about Raytheon’s plays.
-JJ
Raytheon Missiles & Defense, one of the largest defense contractors in Arizona, has leased some new office space at a brand-new tech park in southern Arizona.
The University of Arizona Tech Park at the Bridges, proximal to the Tucson campus of the university, now has Raytheon (NYSE: RTX) as a corporate tenant. Its Missiles & Defense branch is also situated in Tucson, and the company claims that growing there will benefit its continued collaboration with the university.
Wes Kramer proves my thesis for why Arizona is the optimal melting pot for Software and Hardware Unison. “The Refinery provides us the much needed space where we can continue to collaborate with our university partners and government agencies to develop next-generation technology”. The president of Raytheon Missiles & Defense continues, “It will also help us continue to develop the local workforce for future careers in aerospace and enable us to expand are our research due to the proximity to the University of Arizona’s engineering facilities.”
The Refinery, a multitenant four-story structure on the southern side of the tech park, houses Raytheon's new leased office space, which is approximately 14,000 square feet in size.
The University of Arizona Center for Innovation, a network of scientific and technology-focused startup incubators, is managed by Tech Parks Arizona (TPA), which also oversees the park. The UA Tech Park at Rita Road in Tucson, where the missile firm has been operating since 1993 is another venue where Raytheon holds office, maintaining its crown of the area.
The trend is on the rise: According to TPA, the recently established tech park is the best location for tech companies to work, recruit new UA graduates, and encourage students into the intern role. Raytheon already conducts extensive recruiting outside of the university and also runs an ongoing internship program.
The company’s dedication to The Refinery is a symbol of it’s healthy relationship with the University of Arizona. Carol Stewart, the VP for Tech Parks Arizona mentioned that “[they] purposefully built the UA Tech Park to facilitate university-industry interaction and create a sandbox for new technology advancement and economic prosperity. We have seen first hand the regional benefits of the Raytheon and University relationship and it is exciting to see that relationship expand.” Economic Prosperity sounds swell, but it’s important to maintain the image of a Tuscon Native, going Davinci mode in his duster of a garage as well.
As Jeff Gifford writes, “The Refinery opened in 2022, and 50% of its 120,000 square feet is reserved for UArizona, with the rest available for businesses and organizations. The building was developed with the cooperation of The Boyer Co., which has an office in Phoenix and multiple projects around the Valley.
Raytheon is one of the state’s largest defense contractors. The company recently announced that it plans to shrink its four business units into three in a plan that would bring the Missiles & Defense division together with its Intelligence & Space unit, which is based in Arlington, Virginia.
How that reorganization will look and what it could mean for the Missiles & Defense Division hasn’t been described yet, but a spokesperson told the Business Journal in January that the company didn’t expect a significant reduction in its headcount.
The Tucson office of CBRE Group, Inc. represented The Boyer Company and the Tucson office of Cushman & Wakefield | PICOR Commercial Real Estate represented Raytheon in the lease transaction.”
As the Sun rises over historic Tuscon, a new light emerges. The boundaries between university and industry blend at the assistance of Raytheon Defense. I’m curious to see who else will take up some space, innovating further in The Refinery. The supply of land, and the supply young minds are plentiful here in Arizona. Who could be next to carry such a high demand of such precious resources?