one of two planned

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The property, at the southeast corner of Interstate 394 andHopkins Crossroad, will have a total of 230,000-sf when completed,says Tom Shaver, VP of Opus. Syngenta's building, which the companywill fully lease long-term, will be finished by June 2009, he tellsGlobeSt.com.

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The company is consolidating about 350 employees nationwide tothe three-story office building. The tenants are having Opus buildthe facility to LEED Gold certification, using green practices suchas open areas, water efficient landscaping and increased naturallighting. The second building will have sustainable features, butwill not be to the Gold standard, Shaver says.

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The second building will be built on a speculative basis, thoughOpus is waiting to get a lead tenant for the 120,000-sf plannedfacility, Shaver says. "We've had excellent interest. We hope tohave something negotiated by this fall." The asking rate will rangefrom $18 to $19 per sf, he says, much less than the mid-$20s thatare the average asking range for the area, according to a Grubb& Ellis market report.

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He says the area is one of the tightest submarkets in the TwinCities area. "Well, we didn't overbuild here, and there's been somegood corporate growth," he says. "We also weren't overextended intothe mortgage arena that supported the housing boom like the coastalcities, so we're not having the same economic issues that they'rehaving now."

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