I got it wrong yesterday. I wrote that Mayo Clinic bought the 4111 Building in Rochester's 41st Professional Campus for $10 million. It turns out that Mayo bought all three buildings - 3033, 3055 and 4111 - for $10 million on Sept. 1.
I apologize for the error.
I looked at a state document, which only listed the 4111 building in the sale. Olmsted County had not published the sale yet on its website and Mayo Clinic could not respond to my questions on Monday. I probably should have waited to confirm the details on Tuesday, but I thought I had enough to get the basics of the sale out there and then follow up once Mayo Clinic filled in the blanks.
Here's some from column on this in today's paper:
In turns out that Mayo Clinic bought all three buildings in Rochester's 41st Street Professional Campus, known locally as the IBM White Buildings, earlier this month.
I reported in Tuesday's column that Mayo Clinic purchased the 4111 West Frontage Road building, which houses its Mayo Family Clinic Northwest.
The $10 million Mayo Clinic paid to New York Life Insurance Co. on Sept. 1 actually paid for all three sprawling, connected buildings. In total, the complex is 435,000 square feet in size.
Olmsted County estimated the market value of the three connected buildings at $13.8 million for 2016, so it looks like Mayo got a pretty good deal.
"With existing leases set to expire at this site at year end 2017, Mayo Clinic was presented with the opportunity to purchase the three-building campus. This purchase will secure our existing occupied space long-term and allow us to avoid any patient-care disruption associated with any relocation and provide an opportunity to address growth and consolidation needs for various departments," said Mayo Clinic spokeswoman Kelley Luckstein about the purchase on Tuesday.
The purchase opens open more space for the ever-growing Mayo Clinic, since the 3055 building is empty.
"The investment will allow for consolidation of certain administrative, clinical, educational and research functions that do not need to be in the proximity of downtown. This will then open up space downtown to expand various functions that are critical to the downtown area,” added Luckstein, via email.
There are five non-Mayo tenants leasing space in the 3033 building. Luckstein says the change in ownership "will not have an impact on their current occupancies."