Oct 5, 2022 - Business

Major Twin Cities employer looks to offload new corporate campus

Prime Therapeutics' new Eagan campus is available for sublease. Photo courtesy of Prime Therapeutics

Prime Therapeutics no longer needs its state-of-the-art corporate office in Eagan that was completed just three years ago.

What's happening: The company, which is a pharmacy benefits manager, has retained local brokers from real estate firm CBRE to market its 400,000-square-foot campus for sublease as it embraces more remote work, multiple sources told Axios.

What they're saying: Kim Gibson, an executive at Prime Therapeutics, said in a statement that "we have underutilized space at our headquarters building and portions of it will be available for sublease."

  • Prime Therapeutics did not say exactly how much of the two-building campus is available for sublease — that would depend on the needs of a tenant.
  • But Axios' sources, who requested anonymity because the information has not yet been made public, said the entire campus could be had.

Flashback: Just two years after the campus was built, the pandemic hit and Prime Therapeutics, like many companies, was forced to send workers home. It has created a "hub and home" model in which employees would come into the office for collaboration.

  • Gibson said Prime is still using a hybrid model, with some workers coming in for team meetings and gatherings multiple times per week, though some others only come in a few times per year.
  • 26 out of 29 jobs posted on Prime Therapeutics' career website are advertised as remote.

Why it matters: Prime Therapeutics has 2,200 Twin Cities employees and its willingness to give up most or all of its new headquarters building is a testament to how some companies are embracing a remote workforce.

Yes, but: Not all companies are in the same boat. Some are trying to get more employees back into the office, though resistance remains.


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