Project Profile | Normandale Lake Office Park acquisition by Equity Group Investments affiliate

February 4, 2013 at 10:22 am

Learn more about this project straight from the source at NAIOP Minnesota’s February 19th program

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In August 2012, an affiliate of Equity Group Investments (EGI), along with two joint venture partners, acquired Normandale Lake Office Park, the largest Class A office asset in the Minneapolis market. The complex includes 1.7 million square feet of space in five towers, which are connected by enclosed skyways.  Located in the Southwest suburb of Bloomington,  Normandale is situated on 23 acres overlooking the 2,500‐acre Normandale Lake Recreational Area.

David Helfand, EGI’s co-president, led the partnership in the transaction. EGI serves as the managing member of the joint venture, which includes affiliates of GEM Realty Capital, Inc. and Perennial Investments and Advisors, LLC.

Founded by Sam Zell more than 40 years ago, EGI has a diverse investment portfolio spanning industries and continents with interests in real estate, energy, logistics, transportation, communications and health care. The firm invested in Normandale Lake Office Park through the Zell Credit Opportunities Fund.

Cushman & Wakefield/NorthMarq provides leasing and management services for the complex. Tom Tracy, Executive Director-Brokerage Services, has been responsible for leasing at Normandale since 1997. The complex is 84% leased and currently has availabilities that include floor plates ranging from approximately 20,000 to 28,000 square feet, and contiguous spaces of up to 75,000 square feet.

Entry filed under: Programs | Events, Project Profiles.

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