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Austin real estate investment firm buys 3M campus

3m-logo3M Co. has agreed to sell its 156-acre Northwest Austin campus and shift operations to a major office park rising on the northeast side of the city.

The new building to be home to 3M will be in the Parmer business park, near Parmer Lane, Howard Lane and Harris Ridge Boulevard. The development, east of I-35 and the Shops at Tech Ridge, is being built by Trammell Crow Co. and Los Angeles-based Karlin Real Estate.

A purchase price was not disclosed for the Northwest Austin campus, near RM 620 and RM 2222, with more than 1 million square feet of office space. However the land has been valued for tax purposes at more than $80 million. The transaction is expected to close in the fourth quarter of 2017.

Click here to read the original article: Austin real estate investment firm buys large 3M campus Austin Business Journal 6-28-2017


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