CSM, a Minneapolis-based real estate management and development company, plans to buy the 51-acre Lockheed Martin facility in Eagan.
Last November, Lockheed Martin announced it would stop the bulk of operations at its Eagan plant and eliminate 1,000 jobs there by 2013.
With the sale of the building to CSM, Lockheed Martin would remain as a tenant for the next two years. But CSM vice president Tom Palmquist says his company will be working with the city of Eagan to evaluate development opportunities.
"The city has a vision for various uses within the community ... for this site," Palmquist said. "We see it as a unique opportunity to partner with the city, partner with the community. We're looking to reposition the asset for success, going forward into the future."
CSM said the property could be a home for an enhanced data center, as well as retail shops, restaurants, service firms and corporate offices. The site is near the junction of 35E and Yankee Doodle Road.
The deal is expected to close within a few months. The terms were not disclosed.