The term of the lease is 19 months, says David Niami, associatevice president with Equis Corp., which teamed with Cushman &Wakefield Inc. to represent MGI Pharma. MGI Pharma has had itsheadquarters in the 103,050-sf building at 5775 W. Old Shakopee Rd.since its construction in 2001.

Niami tells that MGI Pharma originally considered afive-year renewal, but chose a short-term lease because of itsrecent acquisition by Eisai. He adds that MGI Pharma received noincentives with the short-term renewal. According to an Eisai pressrelease, MGI Pharma was bought for $3.9 million.

The 103,050-sf structure is part of the four-building WestBloomington Technology Park, a 304,533-sf complex on 28 acresdeveloped and owned by Liberty Property Trust of Malvern, PA. MGIPharma's building is nearly 90% occupied, with 10,797 sf available.Midwest Surgical is the other tenant in the building. Niami saysthe technology park overall is more than 75% occupied. Park tenantsinclude Identix Inc., Minnesota Gastroenterology and PlatoLearning. Space in the park is quoted at $12.50 per sf, net.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.