The long-vacant campus in Woodbury that previously served as the State Farm regional headquarters has attracted a buyer.

St. Paul-based Wellington Mangagement, Inc., has entered a purchase agreement for the property at the corner of Radio Drive and Highway 94, Tanya Bell, Wellington's vice president of development and acquisitions, confirmed Thursday.

The company is not disclosing the terms of the deal, but the property was listed online for $32 million. The pending sale has a due diligence period that concludes in December, at which time the sale is expected to close.

Several years ago, Wellington submitted an informal letter of intent to purchase the property for about $25 million, Bell said, but she declined to comment on whether the final purchase price will be in the ballpark of the original offer or the $32 million listing price.

“There are so many moving parts to the site, so everyone is sensitive about the premature disclosure of the price,” she said.

The property features a 459,000-square-foot office building, which Wellington intends to divide into office space. The company is targeting tenants who are seeking larger office spaces-such as units between 40,000 and 100,000 square feet.

For the remaining portions of the property, which covers about 100 acres, Wellington has not determined if it will sell the land, develop it, or explore other options.

“It depends on what activity we see from prospective tenants in the next 90 days,” Bell said, adding that the company's primary focus is to convert the office building to accommodate multiple tenants.

Wellington owns and manages a $375 million portfolio of 88 commercial properties-totaling 3.9 million square feet-in the Twin Cities, according to the company's Web site. It is among Minnesota's largest commercial brokers based on licensed brokers in the state, of which there were 16 as of mid-2009.