WASHINGTON, D.C. – April 8, 2026 — PRP Real Assets (“PRP”), a national real estate investment management and development firm, today announced the groundbreaking of a new manufacturing facility in Hickory, North Carolina, for Corning Incorporated (NYSE: GLW). PRP is the owner of Corning’s existing Hickory manufacturing campus and is developing the new facility to create a cohesive manufacturing campus. The new building — expected to exceed 275,000 square feet upon completion — will more than double the size of Corning’s existing Hickory complex and will facilitate the expanded optical cable manufacturing operations. The project represents an anticipated total placed-in-service investment of over $250 million and is expected to create more than 125 new direct jobs in the Hickory community.
The development is a direct result of the multiyear, up to $6 billion supply agreement between Corning and Meta Platforms (Nasdaq: META), announced in January 2026, under which Corning will supply Meta with its newest innovations in optical fiber, cable, and connectivity solutions to accelerate the buildout of advanced AI data centers across the United States. Meta will serve as the anchor customer for the Hickory expansion, which will produce optical cable that is critical to next-generation AI infrastructure. Upon completion, the facility is expected to be one of the largest optical cable manufacturing plants in the world. The groundbreaking was celebrated on March 31, 2026, by leaders from Corning, Meta, and state and local government officials.
“This project is a defining example of our Mission-Critical Assets strategy — identifying, owning, and developing the real estate that sits at the heart of the infrastructure the global economy depends on,” said Jon McAvoy, CIO of PRP Real Assets. “Our ownership of the existing Corning campus, combined with our role as developer of this new facility, puts PRP at the center of this consequential technology supply chain investment and the Hickory, NC community. This is precisely the type of long-term, net-leased relationship with an investment-grade tenant operating in a mission-critical capacity that we seek to build and hold.”
For additional coverage of the Corning-Meta groundbreaking, visit: Business Wire
About PRP Real Assets
PRP Real Assets is a national real estate investment management and development firm with a focus on three key verticals: Mission Critical Assets, Multifamily, and Thematic Special Situation Investments. Since its inception in 2005, the company has acquired more than $6 billion in real estate investments on behalf of institutional investors, family offices, and financial institutions. PRP Real Assets is vertically integrated, with in-house expertise in investment management, development, construction, property management, and asset management. For more information, visit www.prpra.com. For further inquiries, please reach out to us at contact@prprei.com or 202-741-8400.