The Ohio State Foundation is involved in a deal with ABB Inc. and Carey Realty Investments that will allot about 462,000 square feet of office, laboratory, manufacturing and warehouse space to the university.

The owner of the land, ABB Inc., will sell the space to Carey Realty Investments, who will then sell it to the OSU Foundation during the week of Jan. 20.

Anne Dorrian Lenzotti, director of real estate and property management for OSU, said ABB Inc. would then lease about 250,000 square feet from the foundation for up to two years until it is able to find a new location.

“Since we moved our manufacturing to Dundalk, Ireland, we are only in need of 250,000 square feet right now,” said Roger Bailey, the senior vice president of paper, printing, metals and minerals for ABB Inc.

“ABB is reducing its size in Columbus,” Lenzotti said. “That means that OSU has 200,000 square feet for immediate use.”

The foundation is purchasing the eight building, 26-acre parcel, located at 650 Ackerman Rd., for $16.4 million. The university will buy the land from the foundation within the next six months.

“This is a rare opportunity to buy 26 acres of land adjacent to the university,” Lenzotti said. “The space available will help support our Academic Plan.”

All tenants in the new facilities will be paying rent to cover the building, operating and debt expenses.

“Basically, no taxpayer (money) or tuition money will go towards this,” Lenzotti said.

In time, the facilities are expected to be self-supporting and not be a burden on university funds.

Edward Carey, president of Carey Realty Investments, said his company is under contract to purchase the land from ABB and will also acquire or build a replacement facility of 200,000 square feet for them.

“I expect that the new facility will be up within the next two years,” Bailey said. “When we relocate, it will be somewhere in the Columbus area.”

Carey said he thinks the land is in a prime location, as it is close to the university and Riverside Hospital.

“We think this is the most dynamic 26-acre parcel in the city of Columbus,” Carey said. “We are also excited to work with an international firm of the quality of ABB. This is a wonderful redevelopment opportunity for the use of office, medical, and research space.”

University tenants interested in the facilities can take tours during the week of Jan. 20.