FOR IMMEDIATE RELEASE
May 10, 2007
Robert N. Baugniet
GULFSTREAM SIGNS LEASES FOR
RESEARCH AND DEVELOPMENT CENTER EXPANSION
New Gulfstream Research and Development Center II (RDC-II)
Will Accommodate 700 Employees and R&D Equipment
SAVANNAH, Ga., May 10, 2007 – Gulfstream Aerospace has entered into two nine-year leases with North Point Real Estate for two buildings adjacent to the existing Gulfstream Research and Development Center (RDC) on Crossroads Parkway, near the Savannah-Hilton Head International Airport. Financial details of the transaction were not disclosed.
These leases come a little more than one year after Gulfstream occupied its RDC, which also is leased from North Point Real Estate. The new Gulfstream Research and Development Center II (RDC-II) comprises two new buildings – a 108,750 square foot, office building and an 80,500 square foot “flex” building. The office building can accommodate some 550 employees, while the flex building is designed for 150 employees and test equipment used in Gulfstream’s research and development efforts. Both buildings are expected to be ready for occupancy in the second quarter of 2008.
“By leasing the Gulfstream Research and Development Center last year, we were able to consolidate much of our engineering, new development and large- and mid-cabin aircraft programs under one roof, without incurring a long-term capital expenditure,” said Joe Lombardo, president, Gulfstream. “One year later, we have filled the RDC and we still need more workspace. RDC-II allows us to continue to consolidate our engineering and other associated work groups without any interruption to our ongoing R&D programs, while also creating some additional space for growth on our main campus.”
Last year, Gulfstream announced several new R&D activities, including advanced flight controls, the next generation Enhanced Vision System II, synthetic vision, and ongoing sonic boom suppression efforts with its Quiet Spike™ program.
The RDC-II lease agreements include options for up to three successive, three-year terms beyond the initial nine years.
NOTE TO EDITORS
Gulfstream Aerospace Corporation, a wholly owned subsidiary of General Dynamics (NYSE: GD), designs, develops, manufactures, markets, services and supports the world’s most technologically advanced business-jet aircraft. Gulfstream has produced some 1,600 aircraft for customers around the world since 1958. To meet the diverse transportation needs of the future, Gulfstream offers a comprehensive fleet of aircraft, comprising the wide-cabin, high-speed Gulfstream G150®; the large-cabin, mid-range Gulfstream G200®; the large-cabin, mid-range Gulfstream G350®; the large-cabin, long-range G450®; the large-cabin, ultra-long-range Gulfstream G500® and the large-cabin, ultra-long-range Gulfstream G550®. Gulfstream also offers aircraft ownership services via Gulfstream Financial Services Division and Gulfstream Pre-Owned Aircraft Sales®. The company employs more than 7,900 people at seven major locations. We invite you to visit our Web site for more information and photos of Gulfstream aircraft at www.gulfstream.com.
General Dynamics, headquartered in Falls Church, Virginia, employs approximately 82,600 people worldwide and had 2006 revenues of $24.1 billion. The company is a market leader in business aviation; land and expeditionary combat systems, armaments and munitions; shipbuilding and marine systems; and information systems and technologies. More information about the company is available online at www.generaldynamics.com.
ABOUT NORTH POINT REAL ESTATE
Headquartered in Savannah, North Point Real Estate is the largest developer at Crossroads Business Center, spearheading the development of 2.8 million square feet of new office and warehouse space at this 1,700-acre office park adjacent to I-95 and the Savannah/Hilton Head International Airport. Company principals have planned and developed a wide range of office buildings, industrial warehouses and master-planned residential communities for owners and investors. For more information about North Point, please visit www.northpoint-re.com online.