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New owner paid $34M for IBM campus in Rochester.

Byline: Matt M. Johnson

Correction: The original version of this story understated Olmsted County's value of the campus. The story has been updated with the correct figure. The Los Angeles-basedIndustrial Realty Grouppaid $33.9 million for IBMs 61-year-old campus in Rochester. IRG had announced the purchase in late February, but declined to disclose the price at the time. The price became public Wednesday in a certificate of real estate value. The deal closed on Jan. . Armonk, New York-based IBM sold thesprawling, 3.1 million-square-foot campus at3605 Highway 52N. after years of downsizing its Rochester workforce. The campus is about 2 miles northwest of the citys downtown. The purchase price works out to nearly $11 per square foot. Olmsted County values the 490-acre property at $61.5 million for tax purposes. The campus has 34 buildings, including office, manufacturing, warehouse, laboratory, and data center space. IBM will lease eight of the buildings on the eastern portion of the campus, according to the IRG release. The IRG-IBM deal had been in the works since fall 2016, Finance & Commerce reported last month. Besides IBM, the campus is home to 12 tenants including Charter Communications, HGST and Celestica. IBM has signed a long-term lease, IRG CEO John Mase said in a previous email to Finance & Commerce. IBM recently put about $30 million in improvements into the main campus. IRG manages more than 150 properties in 2 states, with more than 0 million square feet of rentable space, according to the companys website.     [divider] Related:

New owner of Rochesters IBM campus gets to work

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Publication:Finance and Commerce
Date:Mar 7, 2018
Words:269
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