CSM to Acquire Lockheed’s Eagan Facility

The Minneapolis-based developer said that it envisions a mixed-use development for the site that could include retail, restaurant, office, or other tenants.

The buyer for Lockheed Martin Corporation's 50-acre campus in Eagan has revealed itself.

Minneapolis-based CSM Corporation on Wednesday announced that it has entered into an agreement with Lockheed and plans to close on the transaction this summer. Financial terms of the deal were not disclosed.

Lockheed plans to continue to occupy the site under a lease agreement until it shutters its Eagan operations in 2013. The company in November announced plans to close its Eagan facility-a move that affects about 1,000 employees.

The 623,000-square-foot building is located at the corner of Pilot Knob Road and Yankee Doodle Road.

CSM-a real estate development, acquisition, leasing, and management company-said in a news release that “redevelopment plans are underway,” and it is “evaluating the feasibility of retaining portions” of the Lockheed facility for mixed-use development. The company said that it envisions a large-scale redevelopment of the site that could eventually include retail, restaurant, office, or other tenants.

The company also said that it might create a data center on the site, which could help the City of Eagan meet its goal of establishing a local “colocation” facility.

In March, when news broke that Lockheed was in talks with a potential buyer, Eagan's Communications Director Tom Garrison told Twin Cities Business that the city hopes to attract businesses to the area by facilitating the development of a “carrier-neutral” center where telecom providers could “co-house” server space or other services. According to Garrison-who has worked with business leaders across the state in an initiative to expand broadband access-the facility would bring together multiple carriers, allowing businesses to access various services at a lower cost and reduced risk.

In January, Bethesda, Maryland-based Lockheed informed its Eagan employees of their fate: Roughly 250 were told that their jobs will be eliminated, while about 750 positions will be relocated during the next two years.