Normandale Lake Office Park Sells for $268M
- Sep 10, 2012
The Normandale Lake Office Park, a five-building complex located in Bloomington, was acquired by an affiliate of Chicago-based Equity Group Investments.
Situated on 23 acres of land at the southwest corner of I-494 and Highway 100 in the Southwest suburb of Bloomington, the 1.7 million-square-foot Class A office complex features five office towers connected by enclosed skyways. Commercial Property Executive reports that the largest Class A office asset in the Minneapolis market was acquired in a joint venture for $268 million, exceeding the $255 million industry experts had expected the property to command in the sale.
David Helfland, Equity Group Investments’ co-president, who led the venture with GEM Realty Capital Inc. and Perennial Investments and Advisors L.L.C., said: “Normandale is the premier office environment in the Minneapolis market. The complex has a long track record of successfully serving the needs of the area’s most prestigious tenants. We are committed to maintaining the park’s premium market position and exceptional reputation.”
Leasing and management services for the office complex are provided by Cushman & Wakefield / NorthMarq. Normandale Lake Office Park is home to more than 85 companies, including Prime Therapeutics, Emerson Corp., Weber Shandwick and Oracle Corp. The complex is 84 percent leased and currently has available floorplates ranging from around 20,000 to 28,000 square feet, and contiguous spaces as big as 75,000 square feet.
Each of the buildings has an attached parking garage and offers access to the park amenities, which include first-class restaurants, delis, a childcare center, fitness facilities and multiple conference facilities.
Equity Group Investments, a private investment firm founded by Chicago billionaire Sam Zell more than 40 years ago, has a diverse portfolio spanning industries and continents with interests in real estate, energy, logistics, transportation, communications and healthcare. EGI invested in Normandale Lake Office Park through the Zell Credit Opportunities Fund.
For more market data on Minneapolis, please click here.