WELLINGTON MANAGEMENTS PLANS TO ACQUIRE 100-ACRE WOODBURY CAMPUS

WOODBURY, MINN. — Wellington Management Inc. has signed a purchase agreement for the 450,000-square-foot Woodbury Corporate Campus in Woodbury. State Farm formerly occupied the property. Wellington plans to convert the campus into a Class A, multi-tenant office building for tenants in the 20,000 to 200,000-square-foot range. Additionally, the adjacent 50 acres of undeveloped land at Radio Drive and Interstate 94 will be marketed for build-to-suit office, hotel and retail uses. Also, a portion of the site is expected to be developed as an upscale senior housing campus. Transaction details were not released. Dan Gleason, Tom Stella and Pete Rand of NorthMarq represented State Farm in the disposition of the property. Wellington owns and manages a $375 million portfolio of 88 commercial properties for 625 tenants throughout the Twin Cities area.