Prime Therapeutics signs 156,000 sq. ft. lease at Normandale Lake Office
Park
National pharmacy benefit management company began phased move-in to the
8400 Tower in September
MINNEAPOLIS, Minn. (Oct. 29, 2008) – NorthMarq Brokerage Services has
secured a lease with Prime Therapeutics for 156,000 square feet at
Normandale Lake Office Park in Bloomington, Minn. The company recently
began a phased move-in to six floors in the 8400 Tower formerly leased
to GMAC-ResCap.
NorthMarq's
Tom Tracy and
Zach Pettus represented the office park owner TIAA-CREF. Ray Reese,
Brian Fogelberg and Neil Kolatkar of CB Richard Ellis, assisted Tom Bahe,
Prime Therapeutics’ director of facilities and office services, in
representing Prime Therapeutics.
Prime Therapeutics will continue to occupy the Eagandale Corporate
Center but needed more space to consolidate other operations. "The
additional Twin Cities office space will relieve some of the congestion
in Eagan, providing Prime with a flexible plan to meet our continued
growth needs,” said Bahe.
“We welcome Prime Therapeutics as another first-class tenant of
Normandale Lake Office Park,” said Harry St. Clair, Director, Real
Estate Asset Management, TIAA-CREF. “We are confident that the property
is in a competitive position to continue providing sustainable value to
our tenants and our investors.”
Prime Therapeutics is the second large company to choose the office park
in the last year. Benfield, an independent reinsurance and risk
intermediary, will anchor the new LEED Gold certified 8200 Tower in
April 2009, occupying 125,000 square feet. Prime Therapeutics and
Benfield bring an additional 1,200 employees to the park.
"We are pleased to welcome Prime Therapeutics to Normandale," said Tom
Tracy, senior vice president – office brokerage, NorthMarq. "We look
forward to accommodating this leader in the healthcare industry in its
dynamic real estate needs for many years to come."
Normandale Lake Office Park also includes Kincaid’s Steak, Chop & Fish
House, New Horizon Academy, conference/training facilities, exercise
facilities, additional full-service restaurants and delis, convenience
stores and nearby walking trails and paths.
About NorthMarq
NorthMarq offers a full range of commercial real estate solutions across
the country from its headquarters in Minneapolis, Minn. The NorthMarq
Capital group offers commercial real estate investment banking,
investment services, real estate debt and equity financing, and
commercial loan servicing in 29 offices coast-to-coast, with more than
more than $13 billion in annual production volume and services a loan
portfolio of more than $36 billion. NorthMarq Real Estate Services works
nationally with mid-sized corporate users to manage their real estate
needs through its corporate solutions division, and in the
Minneapolis/St. Paul market provides brokerage, property management and
healthcare real estate services to investors and space users. NorthMarq
Real Estate Services is a subsidiary of Marquette Real Estate Group For
more information, please visit
www.northmarq.com.
About TIAA-CREF
TIAA-CREF is one of the largest institutional real estate investors in
America, managing a global portfolio of direct and indirect investments
totaling approximately $69 billion (6/30/08). TIAA-CREF originated its
first commercial mortgage in 1934 and began direct investment in
commercial real estate in 1947. Today, TIAA-CREF Global Real Estate
invests in and actively manages real estate on behalf of individual and
institutional clients worldwide. TIAA-CREF Global Real Estate’s property
portfolio consists of over $24 billion (6/30/08) in equity investments
in office, retail, industrial, and residential properties located across
the United States, Canada and Western Europe. TIAA-CREF is a national
financial services organization and the leading provider of retirement
services in the academic, research, medical and cultural fields with
$420 billion in combined assets under management (6/30/08).
TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal
Investors Services, Inc., members FINRA, distribute securities products.
© 2008 Teachers Insurance and Annuity Association–College Retirement
Equities Fund (TIAA-CREF), New York, NY 10017
C43189
Contact:
Jessie Folkens
952.897.8516
jessie.folkens@marquetteRE.com
Gwen Chynoweth
Maccabee Group
612.337.0087