BLOOMINGTON, MINN. — Cushman & Wakefield has arranged the sale of Normandale Lake Office Park, a 1.7 million-square-foot complex in the southern Minneapolis suburb of Bloomington. The price was not disclosed, but the property sold for $370 million when last it traded hands in 2014, according to the Star Tribune.
David Knapp, Jeremiah Olsen, Tom O’Brien, Avery Ticer, Sam Maguire, Dan Phoel and Adam Spies of Cushman & Wakefield represented the seller, a partnership between insurance giants MetLife Investment Management and Allstate, in the transaction. The buyer was New York City-based Opal Holdings.
Normandale Lake Office Park consists of five buildings that were developed between 1983 and 2009. The structures vary in height from 11 to 17 stories and range in size from 242,598 to 467,016 square feet. Amenities include a wellness center, fitness center with locker rooms, multiple conference rooms, heated executive parking structures and walking and biking trails.
In addition, the development offers several services for tenants, such as a floral shop, childcare center, car wash and hair salon. Normandale Lake Office Park is also home to a fine dining restaurant, two casual dining concepts and a Caribou Coffee location.
At the time of sale, the property was 91 percent leased to a roster of over 90 tenants that includes Aon Benfield Global, Towers Watson, Schwan’s Consumer Brands and Dairy Queen. Atlanta-based Delta Airlines also signed an 80,000-square-foot lease at the property earlier this year, according to a report from the Minneapolis/St. Paul Business Journal.
“Normandale Lake Office Park is a landmark, market-leading Twin Cities development that is highly regarded for its unique, urban-like ecosystem and access to the region’s top labor pools, prominent suburbs and an unmatched amenity base, both within and surrounding the property,” says Knapp.
— Taylor Williams