Commercial Tempe real estate has a new tenant. Air Products, a Pennsylvania-based superconductor company, is spinning off a new company. The name of the new company is Versum Materials. It was formerly the electronic materials division of Air Products. The company already leases 60,000 square feet of Tempe real estate at ASU Research Park. Versum might even lease an entire 95,100 square foot building for its operations. The company has many contracts with Western states. Business is also booming with Asian companies. In fact, 70% of the market share is working with companies in Asia. That market is also growing rapidly. These factors make a western base a smart business decision.
Employees May Look to Scottsdale Homes
Versum has 250 employees, and it is expected that the Scottsdale home market will get a boost from the new business. The company hopes to be more adaptable to changing market conditions by being a distinct entity, located close to its major customers. It is hoped that business with expand, and that other businesses supplying for semiconductors. The plan is that Versum will officially be a separate company from Air Products in September. The Tempe location will have some research and development functions. Some administrative functions will remain in Pennsylvania.