Building B, at seven stories and 260,000 sf, was completed inJune and is being fully leased to Cargill for rates that are closeto $16 to $17 per sf. In February of this year, IVG InstitutionalFunds GmbH bought the facilityfrom Opus, before completion, for about $50.3 million.

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Cargill also plans to lease the 268,000-sf Building A that's nowunder construction by Opus. "It got a little goofy, us completingBuilding B before Building A," says Tom Shaver, VP for real estatefor Opus. He says Opus will likely sell Building A as well, andhopes to get more than $50 million for it.

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In another twist, Cargill bought the property for Building C,and is having Opus build the facility that Cargill will own. Shaversays it's likely that the third building will be worth the same aswhat IVG paid, and that the complex is worth more than $150million. "I don't' know if Cargill will sell Building C when it'scomplete," he says. "I know they're moving up their plans. BuildingC had a projected completion date of 2013, and now they're askingus to deliver by March 2010."

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Cargill says taking the total complex will help consolidateoffices throughout the Twin Cities area. "Decades ago, we outgrewour office center in the Minneapolis suburb of Wayzata and startedrenting space in other office buildings," a company spokesman tellsGlobeSt.com. "We needed a second world-class office complex. Thislocation was chosen for many reasons, among them the fact that ourdemographic data shows its almost perfectly central to where mostof our employees live."

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Shaver tells GlobeSt.com that he knew that Cargill would wantanother building, but didn't expect it to want so much more space."It was a big surprise; I know that they are moving here because ofexpansion and organic growth, but I thing the latter came soonerthan expected," he says. "This market is doing well if a majordriver such as Cargill can leave 220,000 sf and take down more than800,000."

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