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Launched in 2014 by journalist Sean Baker, Med City Beat is an independent news source covering government, business and culture in Rochester, Minnesota.

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Buyer of IBM site envisions a 'dynamic, mixed-use, multi-tenant campus'

Buyer of IBM site envisions a 'dynamic, mixed-use, multi-tenant campus'

Los Angeles-based Industrial Realty Group has identified itself as the new owner of the IBM campus in northwest Rochester.

The company announced Friday that it has purchased the 492-acre property with the intention of converting it into a "dynamic, mixed-use, multi-tenant campus." News of a potential buyer had first surfaced in November.

Financial details of the deal have not been disclosed. The 3.1 million-square-foot site — built by IBM in the late 1950s — was valued at $32.9 million in 2016. The property includes 34 existing buildings, including office, warehouse, manufacturing, data center and laboratory space.

Under the deal, IBM plans to lease back eight buildings on the east side of the campus, where it has consolidated its remaining workforce. IRG confirmed this week that IBM has signed a long-term lease agreement for the space.

"We are delighted to add this great asset to our portfolio," John A. Mase, CEO for IGR, said in the announcement. "Utilizing our nationwide network, we have already engaged many potential tenants who are interested in locating their operations to this high-tech campus."

IRG describes itself as a "nationwide real estate development and investment firm specializing in the acquisition, development and management of commercial and industrial real estate throughout the U.S." It has worked to redevelop properties ranging from EPA Superfund sites to retired military bases. It is currently leading a massive $600 million development centered around the Pro Football Hall of Fame in Canton, Ohio. 

Cover photo: Flickr

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