Another Unisys Building Put On The Block

Unisys, the third-largest computer company in the United States, has had repeated earnings declines since it was formed in 1986 by the merger of Burroughs and Sperry corporations.

In Malvern, Unisys has a sale agreement for a 76-acre complex that includes a 288,000-square-foot factory, office and training space and dormitories for trainees.

The $25 million agreement is with the Shidler Group, a Honolulu-based real estate firm. Under the agreement, Unisys will sell the complex and then lease back the buildings.

Most of the site's 1,500 white-collar workers would likely continue to work there in a lease-back arrangement, LeGates said. But Unisys intends to quit factory operations at the site this summer, and only about 100 of the 475 workers have gotten jobs in other Unisys plants, LeGates said.

The complex borders the Great Valley Corporate Center, spanning East Whiteland and Tredyffrin Townships near Route 202.

LeGates said a sale of the Malvern property will allow Unisys to take out equity it has built up since the complex opened in the mid-'60s. "This was built when the real estate was sold at cornfield prices," she said.

The Malvern property would be the first major buy in this area by Shidler, which opened its Philadelphia office last year.

Shidler was formed in 1972 by real estate entrepreneur Jay Shidler and now owns more than $1 billion worth of properties nationwide.