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**Karlin Real Estate Plans $610 Million Life Sciences Transformation at Former 3M Campus in Austin**
Karlin Real Estate is preparing to undertake a $610 million redevelopment of the former 3M campus in Austin, transforming it into a state-of-the-art life sciences facility.
The company intends to modify the site to accommodate an undisclosed tenant, who is expected to lease 234,000 square feet of the expansive 1.1 million-square-foot property. The entire site spans 107 acres.
Karlin originally acquired the former 3M campus at a foreclosure auction in the summer of 2021, with a vision to reposition it primarily for life sciences use.
Originally built in 1987, the campus will undergo extensive renovations, including both exterior and interior demolition. According to a filing with a public planning agency in Texas, planned upgrades include structural enhancements, the construction of new interior partitions, installation of updated ceilings and lighting, restroom modernization, and significant improvements to mechanical, electrical, plumbing, and IT systems. The renovations will affect four of the five stories of the campus.
Construction is scheduled to begin in March 2024 and is projected to be completed by April 2027.
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