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.
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SOURCE Industrial Realty Group, LLC