D
eveloper Ryan Cos. has finalized its purchase of the 179-acre Thomson Reuters headquarters site in Eagan, paving the way for a transformation into an industrial hub and housing development. The Minneapolis-based company plans to tear down existing office buildings and data centers to build a multistory industrial facility with up to 3.6 million square feet of space.

    The property will be used for warehouse and logistics purposes, with outdoor storage for trucks, trailers, and vans. Approximately 40 acres on the southern portion of the campus are set aside for smaller industrial buildings, while Ryan is still searching for businesses interested in occupying that area.

    The City Council has approved plans for Miami-based Lennar to build 104 townhomes on 22 acres in the northeastern corner of the development. Ryan's plans also include a small number of single-family homes, 1.1 miles of new public walking trails, and 10 acres of new parkland adjacent to Wescott Station Park.

    Thomson Reuters held onto 83 acres of the campus, which contains its print manufacturing facility. The company downsized last year and subleased office space in a nearby building. As businesses reassess their office needs post-pandemic, suburban office parks like this one are likely to be redeveloped into mixed-use projects.

    The sale is considered one of the largest in the Twin Cities commercial real estate market this year. Rents for industrial properties have increased 30% from last year due to new construction slowing down. Construction on the site will begin immediately, with the goal of moving tenants onto the campus within two to three years.