MINNEAPOLIS — A joint venture partnership between Equity Group Investments (EGI), GEM Realty Capital and Perennial Investments and Advisors has purchased the 1.7 million-square-foot Normandale Lake Office Park, a Class A office campus located in Bloomington, Minn., a suburb of Minneapolis.
Cushman & Wakefield/NorthMarq provides leasing and management services for the property. “The complex is home to leading companies because it gives them an advantage in attracting and retaining top talent,” says Tom Tracy, executive director of brokerage services for Cushman & Wakefield/NorthMarq. “Many of our largest tenants have been here for more than 20 years.”
The property is 84 percent leased. Tenants include Prime Therapeutics, Aon Benfield, Schwan’s, Towers Watson, Weber Shandwick, Emerson Corp. and Oracle Corp. The first of the five buildings was constructed in 1983, and the last building was completed in 2009. A skyway connects the buildings.
Park amenities include two first-class restaurants, three delis, a Caribou coffee shop, salon, child care center, convenience store, two fitness facilities, conference facilities and five parking garages.
“Normandale is the premier office environment in the Minneapolis market,” says David Helfand, co-president of EGI. “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.”
— Savannah Duncan