Whitaker said the buildings have been well-maintained and the deal is expected to close in about six months after a normal due diligence period.
“This is a win-win situation as we evolve our business and assist Georgia Tech in expanding their capabilities,” Karmyn Norwood, Lockheed Martin vice president for line of business integration, said in the release.
The expansion by Tech could involve the relocation or placement of 500 research-related jobs to the site, the release said.
The deal for the Lockheed land and buildings follows a deal earlier this month by the Georgia Tech Foundation to buy Midtown's historic Biltmore building. The Biltmore, already home to high-tech firms will become a formal part of the popular Technology Square development.
Tim Lee, chairman of the Cobb commission, hailed the Tech-Lockheed agreement, saying the deal “strengthens our reputation as a center for research, development and high-tech jobs.”