World Class completes acquisition of 3M’s Austin campus


Highlights

Campus has 1.3 million square feet, with growth potential for more than 3 million additional square feet.

3M will remain for now, but new owner plans to market space to new tenants starting immediately.

World Class Property Co. has closed on the purchase of 3M’s 1.3-million-square-foot campus in far Northwest Austin.

The price was not disclosed.

The campus sits on 158 acres off RM 2222 and RM 620 in Austin’s high-tech corridor, making it a rare office campus in one of the fastest-growing cities in America, Nate Paul, president and CEO of World Class, said in a written statement.

“We are excited to bring our vision, energy and creativity to the redevelopment of the 3M Austin Center campus. This unique property allows us the opportunity to create a one-of-a-kind destination in a phenomenal location in Austin,” Paul’s statement said.

3M, known for making Post-it notes and Scotch tape, will continue to occupy the site until 2019, Paul’s statement said. However, World Class plans to immediately market space to new tenants, he said.

In announcing the planned sale last year, 3M said it plans to move its hundreds of employees to a new building in the Tech Ridge area of Northeast Austin that includes other major employers.

The existing 3M campus features a main building complex of offices, labs and an innovation center, as well as nature trails and walking paths. The main building complex is the largest contiguous office building in Austin, Paul said.

The property is in one of Austin’s strongest office submarkets with respect to office occupancy, rents and leasing activity. The campus can be expanded to over 3 million square feet through future development. Due to its size and other features, some local brokers say it would make a suitable site for Amazon’s planned massive second-headquarters project, a $5 billion investment over time for which Austin is one of 20 cities currently in the running.

World Class Property Co., a privately held real estate investment and development company, has made headlines locally for a number of high-profile purchases of properties in the Austin region, including downtown sites such as the former Spaghetti Warehouse, the downtown IHOP, Katz’s Deli and La Zona Rosa, as well as the former 118-acre Cypress Semiconductor land in Round Rock.

The company also owns a site at Trinity treet and East Cesar Chavez streets downtown, across from the Austin Convention Center.



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