Sam Zell sold the largest office complex in Minnesota last week for a record-breaking $368,950,000, according to its certificate of real estate value.
A partnership led by MetLIfe bought the 1.7-million-square-foot Normandale Lake Office Park in Bloomington from the Chicago developer on Oct. 10.
It is the largest real estate transaction in Twin Cities history, shattering the previous record set by Zell when he purchased the same property in 2012 for $265 million.
The Star Tribune reported the sale last week:
The sprawling, skyway-connected network of five shimmering glass office buildings exceeds the size of the tallest building in downtown Minneapolis, the 57-story IDS Center.
The complex, which was developed in stages over several years during the 1980s, has more than 90 high-profile tenants, including Tata Consultancy Services and Oracle Corp.
Its occupancy rate of 93 percent has outperformed the market, according to Tom Tracy, executive director of brokerage services for Cushman & Wakefield/NorthMarq, which brokered the deal and will continue to manage and lease the property. Metrowide, the occupancy rate for such buildings is about 83 percent.
With two fine dining restaurants, a 2,500-acre regional park on its doorstep and the kind of on-site services, including day care and hair salons, that you’d typically find in a more urban area, the property has managed to attract high-profile tenants who are willing to pay top dollar for their space.
The deal is among several high-profile property sales that have happened this year in the Twin Cities, including the Graves Hotel, 50 South Tenth and Washington Square, all in downtown Minneapolis.