AUSTIN – Minnesota-based 3M 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.
A local real estate investment firm has purchased the land located near RM 620 and RM 2222, which has been valued for tax purposes at more than $80 million.
The sale of the Northwest Austin campus, which has more than 1 million sf of office space, is expected to close in fourth quarter 2017.
The new "state-of-the-art" 272,000-sf building—called Parmer 3.3—will be home to 3M in the Parmer Business Park, east of I-35 and the Shops at Tech Ridge.
Approximately 800 employees with 3M will move to the new building and construction is expected to begin later in 2017 and wrap up in April 2019.
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