Search
 

Ecolab to Buy Former Cray HQ

EAGAN, MN-In one of the largest user deals in several years, the maker of industrial cleaners and sanitizers will move its research and development operations to the sprawling 481,000-sf complex that sits on 90 acres in this south suburb.

By Jim McCartney | Updated on March 04, 2004

EAGAN, MN-Ecolab said yesterday it has agreed to buy a 481,000-sf complex on 90 acres near Dodd Road and Highway 55, the former headquarters of Cray Research. “This is one of the largest user transactions in the last three to four years,” says Ted Carlson, a broker with Bloomington, MN-based Welsh Cos. who represents J.P. Morgan Co., the owner of the old Cray complex.

The complex–now called the Waters Corporate Campus–has been on the market since the fall of 2002. Given its layout (four interconnected buildings) and parking constraints, the complex is designed for use by one user, Carlson says. Also, there was a lack of buyers interested in moving to Minnesota due to taxes and labor costs, he says.

Although the terms of the deal were not revealed, Ecolab officials said the Eagan complex was “reasonable–very reasonable.” The complex had been listed at $38.5 million on the Welsh’s Web site. Nancy Miller of United Properties, the Bloomington, MN-based commercial real estate firm, represented Ecolab in the deal.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.