Leidos sells former Lockheed facility in Gaithersburg

Leidos said today it sold Lockheed Martin's former Gaithersburg facility late last year.

The company had acquired the location when it picked up Lockheed's information systems and global solutions business in 2016.

Speaking at a Cowen and Co. conference today, Roger Krone, Leidos' chief executive, said the contractor sold the building as part of an effort to reduce costs.

"There's some more real estate work that will be done over the next year or two," he added.

A Leidos spokeswoman confirmed the sale was complete on Dec. 31, and the company is moving out over the next 16 to 18 months. Employees will move into two new leased facilities in Gaithersburg, she said.

Meanwhile, Krone also noted Leidos is consolidating its Reston operations and moving into a new building in 2020. The company initially announced the move last year.