United Health gets $50 million for building

Article by: JENNIFER BJORHUS , Star Tribune
Updated: December 15, 2011 - 11:57 AM

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UnitedHealth Group Inc. has sold the headquarters of its Eden Prairie OptumHealth division in a leaseback deal worth $50 million.

The sale of the complex to an affiliate of Angelo, Gordon & Co., a New York-based private equity group that buys distressed assets, brought about $10 million more than the $39.5 million UnitedHealth paid for the former ADC Telecommunications campus in June, according to property records.

The 90-acre site includes three buildings at 13625 and 13675 Technology Drive. It has been renovated to make room for approximately 700 Optum employees who previously had been scattered at various sites around the Twin Cities.

UnitedHealth has said Optum, its health services business, will remain on the campus in the 12-year sale-leaseback arrangement. Optum has about 30,000 workers worldwide.

UnitedHealth also is planning a five-year, $250 million expansion near Highway 62 and Shady Oak Road in Eden Prairie. The 71-acre site will include 1.5 million square feet of office space, a parking ramp and room for light rail.

Angelo, Gordon wouldn't comment on its plans for the rest of the property, which also is being leased by Wells Fargo.

Star Tribune staff writer Jackie Crosby contributed to this report.

Jennifer Bjorhus • 612-673-4683