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Wellington Signs for 450,000-SF Office Campus

WOODBURY, MN-The company said it will buy the former State Farm property, which has an asking price of $32 million, and convert the site into multitenant space.

By Robert Carr | Updated on September 01, 2010

WOODBURY, MN-Wellington Management Inc. has signed a purchase agreement to acquire the vacant 450,000-square-foot Woodbury Corporate Campus, formerly fully occupied by State Farm. The purchase price was not disclosed, though sources say the company got a “strong discount” off the $32 million asking price.

The insurance firm had the facility constructed in 1996, but then moved out in 2006 with company consolidation. The company tried to sell the site to one user, as a corporate center, but there were no bites, said Dan Gleason with NorthMarq. Gleason, Tom Stella and Pete Rand represented State Farm in the sale.

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