HAMILTON — In a move that brightens Hamilton's economic development picture, two Chicago businessmen have agreed to buy International Paper Co.'s Knightsbridge complex, which has been closed for two years. The sales price was not disclosed.

        “It's a shot in the arm for Hamilton,” Vice Mayor James Noonan said Tuesday. “It will be a tremendous boost.”

        Brian Pesmen and Brad Evans, the new owners of the Knightsbridge complex, plan to lease office space in the 366,000-square-foot facility to a variety of businesses, including high-technology companies, a segment of the business market that Butler County and Hamilton have been working hard to attract.

        “There's really no comparable Class A office space like this between Cincinnati and Dayton,” Mr. Pesmen said. “It was built as a single-tenant building. But it will be an easy and quick conversion to a multitenant building. It's a gorgeous facility.”

        City and county officials worked to reach an agreement with Mr. Pesmen and Mr. Evans, who formed the corporation, Knightsbridge Office Park LLC. The agreement will be final in November.

        The Knightsbridge complex, on 58 acres south of downtown Hamilton, had been the headquarters for Champion International until International Paper acquired the facility two years ago and then closed it.

        International Paper recently sold one parcel in the complex, a 26,000-square-foot building on 5 acres, to Miami University, said Jennifer Boardman, an IP spokeswoman.

        Mr. Pesmen said he and Mr. Evans are having discussions with prospective tenants and say that tenants could be in the building by the end of the year.

        The reviving of the Knightsbridge complex comes at a time when Hamilton, an old industrial city, is trying to bounce back from the loss of 3,000 jobs in the last three years. The city is projected to face general-fund deficits exceeding $1 million beginning in 2005 if it doesn't increase its revenue.

For the nation, a mixed bag
Tristate businesses adapt
Vacant office space sold
$2M expansion planned for sports complex
Industry notes: Banking
Business Digest
What's the Buzz?