A former office campus southeast of the Twin Cities has a new owner and a major redevelopment plan.
In December, Toronto-based tech conglomerate Thomson Reuters sold its nearly 2.5 million-square-foot office building and 180-acre campus in Eagan, Minnesota, for $41 million to Minneapolis-based Ryan Cos. The deal earned a 2025 CoStar Impact Award for sale/acquisition of the year in Minneapolis-St. Paul, as judged by real estate professionals familiar with the market.
After Thomson Reuters relocated less than 10 minutes north to its new building at 2900 Ames Crossing in Eagan in the summer of 2024, the company needed a buyer for its former campus. Thomson Reuters and its listing firm Colliers found one in Ryan Cos.
Its new owner plans to redevelop the 180-acre property. Ryan Cos. has plans to build a multilevel industrial building with up to 3.6 million square feet, complete with 59 docks, 480 trailer stalls, parking for 980 cars and four additional industrial buildings totaling 600,000 square feet. There are also plans to build 104 townhouses on 22 acres, along with a 10-acre park and a 6.6-acre conservation area. The city of Eagan has approved Ryan Cos.' redevelopment plans for the former Thomson Reuters campus.
About the deal: Thomson Reuters sold its nearly 2.5 million-square-foot office building and 180-acre campus at 610 Opperman Drive for $41 million in December 2024. Minneapolis-based Ryan Cos. was the buyer.
What the judges said: Judges said the sale and repurposing of the property will have a major impact on the area in the years ahead.
"The Thomson Reuters Campus sale will be transformative for the area by tripling the density on the site, adding mixed-use components of residential & park space and attracting a subsequent deal with Amazon for their Project Nova logistics facility," said Tony Strauss, senior vice president of retail services at Transwestern.
"Replacement with mixed use that includes housing, parkland and industrial in a desirable location to Hwy access and Eagan school district," added Susan J. Picotte, senior vice president of asset management and operations support at Centerspace.
"This sale was a long process starting with the relocation and ending with a new owner and reuse plan," said Keith Sturm, CEO and principal of Upland Real Estate Group.
They made it happen: The Colliers team of Andrew Heieie, senior vice president; John McCarthy, senior vice president; Mark Kolsrud, vice chair; Peter Loehrer, senior associate; Lydia Turczyn, senior client services specialist; Kyle Delarosby, associate.