IRG Finalizes Purchase Of IBM's Rochester Campus
The company envisions mixed-use plans for the 3.1 million sq. ft. site in Minnesota.
Industrial Realty Group, LLC (IRG) has announced its purchase of the IBM technology campus in Rochester, Minnesota, comprised of more than 3.1 million sq ft and 490 acres. IRG's plan for the site envisions a dynamic, mixed-use, multi-tenant campus, which will bring businesses and job opportunities to Rochester.
The site includes 34 existing buildings, including office, manufacturing, warehouse, data center, and laboratory space. IBM will lease back eight of these buildings on the eastern portion of the campus, affirming its continued commitment to the Rochester area by signing a long-term lease agreement.
In addition to its own business activities, IBM has contributed to the local economy by attracting numerous existing tenants to the technology campus and investing in facility upgrades and infrastructure. IRG's expertise will now attract additional tenants and secure the property's future.
"We are delighted to add this great asset to our portfolio. Utilizing our nationwide network, we have already engaged many potential tenants who are interested in locating their operations to this high-tech campus," said John A. Mase, chief executive officer, IRG. "IRG plans to create an environment that encompasses a variety of uses and creates as many jobs as possible."
Since occupancy began in 1957, the site's employees have produced thousands of U.S. patents on behalf of IBM. The property was designed by Eero Saarinen, a 20th-century Finnish American architect known for also designing the Gateway Arch in St. Louis, Missouri.