Feb. 17Prime Therapeutics has signed a lease with United Properties to build a sprawling new headquarters in Eagan that will consolidate four of its six Minnesota locations into one.
Prime, which already maintains the majority of its workforce in Eagan, will move most of its 2,000 Minnesota employees to a 30-acre site known as "Boulder Lakes" along Lake Shanahan, south of Interstate 494 and east of Dodd Road.
Construction could begin in mid-summer 2017, pending city approval, and is expected to be complete by 2019.
In a statement, company officials said the lease is "contingent upon modifying and transforming existing grants" Prime received from the Minnesota Department of Employment and Economic Development (MN DEED) related to its Mendota Heights and Eagan facilities.
A spokeswoman for Prime said she did not have the size of the grants and other details immediately available and referred further questions to MN DEED.
Employees from two of Prime's three existing Eagan locations, as well as its offices in Mendota Heights and Edina, will move to the new headquarters. Sites in Bloomington and on Lexington Avenue in Eagan will remain open.
Prime's out-of-state offices will not be affected by the relocation. The company has more than 3,600 employees, including more than 2,000 in Minnesota.
Prime Therapeutics is a pharmacy benefits manager that serves 17 Blue Cross and Blue Shield plans, including Blue Cross and Blue Shield of Minnesota. The company manages pharmacy benefits for health plans, employers and government programs (including Medicare and Medicaid), processes claims and delivers medicine to members.
Prime worked with JLL real estate services and Greater MSP, a St. Paul-based economic development group, to identify its future headquarters, which will house Prime's information technology and operations teams. The company said the Boulder Lakes site offers plenty of room to grow.
In recent months, the company's headquarters search sparked some controversy in both Minneapolis and St. Paul, where council members have questioned the role of Greater MSP in helping companies to consolidate jobs away from the metro's urban core.
When Minneapolis City Council members learned late last year that the company would likely remain in Eagan, where Prime has maintained the majority of its employees for more than a decade, they voted to reduce their annual contribution to Greater MSP from $125,000 to $10,000.
Prior to that, Prime's efforts to scout out a new headquarters raised some tentative hopes last summer that it would consider moving to St. Paul's Midway Shopping Center, which is being positioned for redevelopment by the St. Paul Port Authority. The shopping center will include the northern edges of a professional soccer stadium the future home of Minnesota United.
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