{"id":1004208475,"date":"2018-02-27T05:36:24","date_gmt":"2018-02-27T13:36:24","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004208475"},"modified":"2022-12-08T13:40:28","modified_gmt":"2022-12-08T21:40:28","slug":"industrial-realty-group-buys-ibms-1-3-msf-minnesota-campus","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/industrial-realty-group-buys-ibms-1-3-msf-minnesota-campus\/","title":{"rendered":"Industrial Realty Buys IBM\u2019s 1.3 MSF Minnesota Campus"},"content":{"rendered":"

By Barbra Murray<\/em><\/p>\n

\"IBM<\/a>

IBM campus in Rochester, Minn.<\/p><\/div>\n

Industrial Realty Group LLC has wrapped up the acquisition of IBM\u2019s technology campus in Rochester, Minn., a 3.1 million-square-foot property roughly 85 miles south of Minneapolis. IBM will continue to occupy digs at the 490-acre site, which, ultimately, IRG will transform into a mixed-use destination.<\/p>\n

The change in ownership of the sprawling multi-structure property formerly known as IBM Rochester was no simple accomplishment; the transaction took more than a full year to complete, and IRG relied on the guidance of law firm Fainsbert Mase Brown & Sussman LLP all the way. “The legal team expertly navigated the intricacies of this complex transaction, ensuring the asset was smoothly incorporated into IRG’s portfolio,”<\/em> John Mase, CEO of Industrial Realty Group, said in a prepared statement.<\/p>\n

With the deal closed, IRG is in possession of a veritable piece of tech-industry history. IBM first envisioned the development in 1956 as a 400,000-square-foot complex of manufacturing, engineering and educational facilities to be developed at a cost of $8 million. The concept expanded and in 1958, the Eero Saarinen-designed campus opened, featuring 550,000 square feet. Several decades and many additions later, the property is home to 34 buildings encompassing office, manufacturing, warehouse, data center and laboratory space. And now the campus is positioned for a new incarnation.<\/p>\n

IBM ROCHESTER VERSION 2.0 <\/strong><\/h2>\n

With IBM committing to just eight buildings under a long-term lease, IRG is left with quite a large blank canvas to fill as it sees fit. Details of the master plan haven\u2019t been nailed down just yet, but 60 years after its birth, IBM Rochester will be reinvented under quite a different vision.<\/p>\n

\u201cIRG plans to create a dynamic campus, which will encompass a mix of uses and support the needs of the site and the Rochester market,\u201d<\/em> Mase told Commercial Property Executive<\/em>. \u201cOur goal is to drive economic growth in the area by aggressively marketing the existing space and developing a long-term strategy with the Rochester community to continue attracting new companies and job opportunities to the area.\u201d<\/em>\u00a0 The site presents any number of options, but IRG does not plan to build just for building\u2019s sake. As Mase added, \u201cAdditional development will be driven by the market demands and led by our team of industry experts.\u201d<\/em><\/p>\n

IRG is no stranger to corporate headquarters campuses. The commercial and industrial real estate investor acquired American Greetings\u2019 1.6 million-square-foot facility in Brooklyn in 2014, and in 2016, snagged timberlands company Weyerhaeuser\u2019s 817,700-square-foot industrial and office campus<\/a> in suburban Seattle.<\/p>\n

Image courtesy of Industrial Realty Group<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The commercial and industrial real estate investor plans to bring new tenants to the 490-acre property, where IBM will continue to occupy several buildings and, ultimately, a mixed-use development will take shape. <\/p>\n","protected":false},"author":969,"featured_media":1004208478,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,13,36076,21742,21747],"tags":[37114,38622],"class_list":["post-1004208475","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-midwest","category-minneapolis-st-paul","category-latest","category-office","tag-ibm-corporation","tag-industrial-realty-group"],"acf":[],"yoast_head":"\nIndustrial Realty Buys IBM\u2019s 1.3 MSF Minnesota Campus - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/industrial-realty-group-buys-ibms-1-3-msf-minnesota-campus\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Industrial Realty Buys IBM\u2019s 1.3 MSF Minnesota Campus\" \/>\n<meta property=\"og:description\" content=\"The commercial and industrial real estate investor plans to bring new tenants to the 490-acre property, where IBM will continue to occupy several buildings and, ultimately, a mixed-use development will take shape.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/industrial-realty-group-buys-ibms-1-3-msf-minnesota-campus\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-02-27T13:36:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T21:40:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/IBM-Rochester-Rochester-Minn..jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/industrial-realty-group-buys-ibms-1-3-msf-minnesota-campus\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/industrial-realty-group-buys-ibms-1-3-msf-minnesota-campus\\\/\"},\"author\":{\"name\":\"Barbra Murray\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/d1edda962dd3af55af8a203870f9fc32\"},\"headline\":\"Industrial Realty Buys IBM\u2019s 1.3 MSF Minnesota Campus\",\"datePublished\":\"2018-02-27T13:36:24+00:00\",\"dateModified\":\"2022-12-08T21:40:28+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/industrial-realty-group-buys-ibms-1-3-msf-minnesota-campus\\\/\"},\"wordCount\":434,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/industrial-realty-group-buys-ibms-1-3-msf-minnesota-campus\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2018\\\/02\\\/IBM-Rochester-Rochester-Minn..jpg\",\"keywords\":[\"IBM Corporation\",\"Industrial Realty Group\"],\"articleSection\":[\"Deals\",\"Featured\",\"Investment\",\"Midwest\",\"Minneapolis-St Paul\",\"News\",\"Office\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/industrial-realty-group-buys-ibms-1-3-msf-minnesota-campus\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/industrial-realty-group-buys-ibms-1-3-msf-minnesota-campus\\\/\",\"name\":\"Industrial Realty Buys IBM\u2019s 1.3 MSF Minnesota Campus - 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