Local real estate developer Ryan Companies entered into a purchase and sale agreement with Thomson Reuters on Thursday for a large part of the publishing company’s sprawling Eagan campus.
The agreement is for Minneapolis-based Ryan to take over 179 acres of Thomson Reuters’ 263-acre campus located off Dodd Road, including a 1.1 million-square-foot office building, three data centers and 90 acres of undeveloped land, according to a news release from the developer.
“Having access to nearly 180 acres within a major metropolitan area is rare and we believe there is tremendous potential in redeveloping this site to bring new jobs and opportunities to the city of Eagan,” said Tony Barranco, North region president for Ryan Cos. in the release.
Earlier this month, Ryan received approval from the Ramsey County board to purchase 40 acres of Rice Creek Commons in Arden Hills for $12.8 million, which it plans to market to prospective tenants as a potential corporate campus, research and development center, or a mix of manufacturing and distribution facilities alongside retail and restaurant space, among other possibilities.
Thomson Reuters announced this time last year that it would sell a majority of its Eagan campus, attributing the change to an employee survey that revealed workers would rather split their time between office and home.
The global legal publishing firm has held a footprint in Dakota County since 1996 when it bought West Publishing for $3.4 billion. Prior to that, West Publishing had a facility in Eagan since 1978 and officially moved its headquarters there from downtown St. Paul in 1992.
West Publishing, originally known as John B. West, Publisher and Bookseller, was founded in St. Paul in 1872 by John Briggs West. At the time, the bookseller specialized in law treatises, dictionaries and office supplies.
In the 1970s, the company began moving its manufacturing and distribution operations to Eagan, much to the chagrin of St. Paul leaders.
Today, Thomson Reuters still maintains its print manufacturing facility at the Eagan campus off Dodd Road as it is a key component to the business’ operations. The printing facility was not for sale and will continue operating in its current location, per the release.
Thomson Reuters selected a new office location just four miles away last summer at The Landing in Eagan, near the Minnesota Vikings headquarters.
The new 300,000-square-foot subleased office features a fitness center, outdoor walking paths, a full-service cafeteria and coffee shop and a deck overlooking Lake Shanahan.
Ryan Cos. did not reveal further plans for the site. The company said it would work with the city of Eagan, Thomson Reuters and other stakeholders to explore options for the site.