Rochester IBM Property Sold; IBM Will Maintain Operations at Site
Rochester, MN (KROC AM News) - For the first time in 60 years, there is a new owner of the “Big Blue” campus in Rochester.
Industrial Realty Group of Los Angeles Friday announced it had finalized the purchase of the Rochester IBM property and has already been talking with tenants about possible leases.
IRG has already signed one tenant - IBM. IRG says IBM has agreed to a long-term lease of eight of the site’s 34 buildings.
The site consists of more than 3.1 million sq. ft. and 490 acres. The purchase price wasn’t disclosed.
According to IRG's press release, “its plan for the site envisions a dynamic, mixed-use, multi-tenant campus, which will bring businesses and job opportunities to Rochester.”
"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 of IRG. "IRG plans to create an environment that encompasses a variety of uses and creates as many jobs as possible."
IRG is 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.
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