JV Acquires 1.7M-Sq.-Ft. Normandale Lake Office Park in Bloomington, Minn.

BLOOMINGTON, MINN.-An affiliate of Equity Group Investments (EGI) has acquired Normandale Lake Office Park, a 1.7 million-sq.-ft., Class A office property in Bloomington, Minn. EGI serves as the managing member of the joint venture partnership, which includes affiliates of GEM Realty Capital Inc. and Perennial Investments and Advisors L.L.C.

Price and terms of the transaction were not disclosed.

David Helfand, co-president, Equity Group Investments, led the joint venture partnership in the transaction. Cushman & Wakefield/NorthMarq provides leasing and management services for the complex.

Comprised of five towers, all interconnected by enclosed skyways, the property is situated on 23 acres overlooking the 2,500-acre Normandale Lake Recreational Area. Currently 84 percent leased, Normandale Lake Office Park includes tenants such as Prime Therapeutics, Weber Shandwick and Oracle Corporation, among others.

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