ROCHESTER, Minn., Feb. 23, 2018 /PRNewswire/ -- Fainsbert Mase
Brown & Sussman, LLP (FMBS), a premiere Los Angeles law firm offering national
services for real estate and business transactions, announced today
the successful closing of the Industrial Realty Group, LLC (IRG)
purchase of the 3.1 million sq. ft. 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's 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.
"The legal team expertly navigated the intricacies of this
complex transaction, ensuring the asset was smoothly incorporated
into IRG's portfolio," said John A.
Mase, Chief Executive Officer of IRG.
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 team of attorneys who
completed the transaction for IRG was led by Jerry A. Brown, a partner, and supported by
Amit S. Patel and James Cormie providing legal advice at all
stages of the acquisition and financing.
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.
About Fainsbert Mase Brown & Sussman, LLP: Fainsbert
Mase Brown & Sussman, LLP is a premier law firm dedicated to
providing superior legal services to our clients on a nationwide
basis. We combine academic excellence and extensive business
experience to respond to our clients' legal needs. The firm's
practice is centered around the following practice groups: real
estate, business and corporate transactions. We provide a broad
variety of legal representation to large institutional
corporations, high net-worth individuals and privately-owned
businesses of all sizes and types. For more information, please
visit www.fmbsllp.com.
About Industrial Realty Group, LLC: Industrial Realty
Group, LLC is among the country's largest owners of commercial and
industrial properties with a 100 million square foot portfolio of
real estate. IRG, a Los
Angeles-based company, owns and operates more than 150 major
projects and developments in 28 states. Management offices are
located in Los Angeles,
Sacramento, Chicago, Akron/Canton,
Cleveland, Columbus, Detroit and New
York, with additional satellite offices in Dallas-Fort Worth, Bradenton, and Baltimore. IRG is nationally recognized as a
leading force behind the adaptive reuse of buildings and facilities
throughout the nation. Retrofitting otherwise obsolete buildings,
corporate campuses, and industrial complexes are among the
company's core competencies. For more information, please visit
www.industrialrealtygroup.com.
For more information, contact:
Lauren Crumrine | Director of
Marketing
(614) 562-9252
lcrumrine@industrialrealtygroup.com
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SOURCE Industrial Realty Group, LLC