Largest real estate transaction in Minnesota history is a done deal


It only seems fitting that the largest office complex in Minnesota was sold recently in the largest real estate transaction in state history.

The 1.7 million-square-foot Normandale Lake Office Park in Bloomington was purchased last month for a record $368.95 million, the Minneapolis-St. Paul Business Journal reports.

The buyers are MetLife Inc. and Allstate Corp., which formed a joint venture to make the purchase.

The seller is billionaire Chicago developer Sam Zell and his Equity Group Investments, which has owned the complex since 2012.

In 2012 Zell paid $265 million for the office complex, meaning its value increased by $101 million in just two years.

It's a high-end address for high-profile tenants such as Weber Shandwick, Schwans, Aon, Oracle, Tata Consultancy and Rasmussen College. Its occupancy rate of 93 percent is higher than the metro area's average of 83 percent, the Star Tribune reports.

The five office buildings and five parking ramps are all connected by skyways. The complex includes a number of amenities such as fitness centers, restaurants, a day care center and a hair salon, and it's adjacent to a 2,500-acre regional park to serve the 5,000 employees who work on the campus.

The deal closed in October, but the sale price was not revealed at that time.

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