Industrial Realty Group, a Los Angeles-based company that owns and operates more than 150 major projects and developments in 28 states, purchased the 3.1-million square foot IBM technology campus in Rochester, Minnesota.

The site is comprised of approximately 490 acres and 34 existing buildings, including office, manufacturing, warehouse, data center and laboratory space.

IRG said its plan for the site envisions a dynamic, mixed-use, multi-tenant campus, which will bring businesses and job opportunities to Rochester. Affirming its continued commitment to the Rochester area, IBM signed a long-term lease agreement for eight campus buildings.

In addition to its own business activities, IRG officials said, IBM contributed to the local economy by attracting numerous existing tenants to the technology campus and investing in facility upgrades and infrastructure. IRG added its 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, CEO of 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, site 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.

The Los Angeles-based law firm of Fainsbert Mase Brown & Sussman handled the transaction. The complex transaction took more than a year to close because of the massive scale of the property, as well as negotiating with a multi-level, corporate legal team.

"The legal team expertly navigated the intricacies of this complex transaction, ensuring the asset was smoothly incorporated into IRG's portfolio," Mase added.