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Oak Street Real Estate Capital buys Medtronic's Memphis, Tenn., office campus

Chicago-based private equity real estate firm Oak Street Real Estate Capital LLC acquired a four-building office campus in Memphis, Tenn., from Medtronic PLC for $34 million, the Memphis Business Journal reported.

The medical device maker is mostly vacating two buildings at the 467,000-square-foot property, but will lease back about 250,000 square feet. It will still occupy the first floor of one of the two buildings and will have access to the cafeteria and the parking garage.

A spokesman for Medtronic told the publication in an email that the sale of the office campus was essential to generate "meaningful savings" and redeploy more capital into higher-growth opportunities.