Prime Therapeutics To Build New Eagan HQ
Prime Therapeutics confirmed on Thursday that it would follow through with its rumored plan to build a new headquarters in Eagan, where it is currently located, instead of moving its operations to an existing facility elsewhere in the Twin Cities.
Minneapolis-based real estate developer United Properties has been tapped to build the new Eagan campus. Groundbreaking is currently slated for mid-summer of this year with an expected completion of 2019, pending city approval of the plan.
For months, Prime has mulled over new site options, aiming for at least 400,000-square-feet of office space to house its current staff and allow for new hires.
The private, for-profit company, which acts as a pharmacy benefit manager for 17 Blue Cross and Blue Shield plans, boasts a workforce of more than 3,600 employees, of which over 2,100 are Minnesota-based.
Most—but not all—of Prime’s Minnesota workforce will move into the new facility being built on the 30-acre site known as “Boulder Lakes.” The company’s 180,000-square-foot office in Bloomington will not be included in the consolidation, nor will its Eagan office on Lexington Avenue.
The bulk of Prime’s local staff, primarily its IT and operations teams scattered between its Edina, Mendota Heights and two Eagan offices, is expected to move to the new facility.
“Consolidating our offices will provide long-term operational efficiencies that will provide financial savings for our company and our clients,” Prime CEO Jim DuCharme said in a statement. “Eagan has been and continues to be a perfect fit for Prime as the majority of our Minnesota-based employees are already in Eagan.”
DuCharme added that the consolidation would help to “minimize team disruption and enhance collaboration.”
Eagan mayor Mike Maguire lauded Prime’s decision to remain in the city. “Prime’s strategic decision to unite operations here on a single corporate campus,” he said, “not only builds on our more than decade-long relationship, but it keeps and concentrates several thousand highly skilled jobs in Eagan.”
In March 2015, Prime announced plans to add 375 jobs in Minnesota within three years. Prime spokeswoman Denise Lecher said the company’s 2016 revenue, which has not yet been finalized, is approaching $5 billion, up from $4.36 billion a year ago.