Ryan Cos. Buys Most of Thomson Reuters’ Campus
Ryan Cos. has agreed to acquire a large portion of the Thomson Reuters campus in Eagan, Minn.
The transaction involves 179 acres of the 263-acre property, including a 1.1 million-square-foot office building, three data centers totaling 333,912 square feet and 90 acres of undeveloped land. However, the sale excludes Thomson Reuters’ manufacturing facility that will continue to operate on campus.
Tony Barranco, North Region president at Ryan Cos., told Commercial Property Executive the company will collaborate with the City of Eagan and Thomson Reuters to determine the best uses for the undeveloped portion of the site. Barranco also told CPE that the new ownership will begin the due diligence process, as well as gather stakeholder feedback.
Part of a downsizing process
Located at 610 Opperman Drive, the Thomson Reuters campus is approximately 3 miles from the interchange between interstates 494 and 35E, which provides direct access to Minneapolis and St. Paul, Minn. Minneapolis–Saint Paul International Airport is less than 9 miles away.
Last January, Thomson Reuters put the 179 acres up for sale as part of its downsizing efforts. Six months later, the firm selected a new office location and leased some 300,000 square feet at The Landing, a 385,000-square-foot office building at 2900 Ames Crossing Road in Eagan; the move marks a footprint shrinkage of roughly 800,000 square feet.
Ryan’s third Twin Cities project
For the Minneapolis-based Ryan Cos., the Thomson Reuters campus acquisition represents its third major project in the Twin Cities metro area in the past 12 months. The company previously partnered with C.S. McCrossan Inc. to develop a 100-acre science and technology park in Maple Grove, Minn., for Boston Scientific.
More recently, Ryan Cos. acquired a 40-acre parcel in Arden Hills, Minn., from the Ramsey County Board of Commissioners. Development opportunities for the build-to-suit site include a regional or national corporate campus, a research and development center, life sciences offices, or manufacturing and distribution facilities.
Outside its Minnesota projects, Ryan Cos. topped out its 23-story Ryan Tower office project in Plano, Texas, in September. The building will include 409,000 square feet when completed later this year.
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