The Amsterdam-based company dealt the property, at 3000 Minuteman Road, to Atlantic Management Corporation, who said they plan to modernize the property, according to the report.
The sale follows an announcement last January that Philips would be looking to transfer 1,900 jobs out of the Andover-based facilities to new homes in Cambridge, Mass. and Nashville, Tenn., according to the Eagle-Tribune.
Last August, a report emerged suggesting that Philips was looking to cut another 280 jobs from the facilities, most of which would be moved to either Cambridge or a facility in Reedsville, Penn. Those moves are slated to take effect in 2020, according to the earlier report.
“Philips has been proud to call Andover home for nearly two decades. As the company transitions to Cambridge, it was selective in looking for new owners, focusing on those who would enhance the property, and bring in quality tenants that would add value to the community,” communications director Silvie Casanova told the Eagle-Tribune.
Philips will reportedly continue to lease the campus during its transition to new locations. The company has employed as many as 2,200 individuals at the location over the past several years.
“We don’t like to see a reduction of jobs in Andover, but I’m confident that when the property is sold many of those jobs will be recovered,” Andover Town Manager Andrew Flanagan told the Eagle-Tribune.