MetLife to buy Minneapolis office park
MetLife Real Estate Investors has agreed to buy a 1.7 million-square-foot office complex in Minneapolis from joint venture partners Equity Group Investments, GEM Realty Capital, and Perennial Investments and Advisors. The sales price is estimated to be approximately $380 million, or $244 per square foot.
The Normandale Lake Office Park consists of five buildings between 18 and 24 floors high. Amenities in the office park include restaurants and delis, child care, conference centers, exercise facilities, convenience stores, and nearby walking trails and paths.
The previous owners bought the office park for $267.1 million from TIAA-CREF. TIAA-CREF was the lender on the project for Trammell Crow Co., which built the first three towers of the complex during the 1980s. TIAA-CREF took the property back in 1990 during the commercial real estate down