Prime Fills in 156,000 SF of Office in Park

Prime has begun its move-in into six floors of the 421,000-sf 8400 Tower. The rest of the building is completely leased by other tenants, says Tom Tracy, SVP of office brokerage with NorthMarq Brokerage Services. Prime will continue to lease at the Eagandale Corporate Center in Eagan, MN.

Tracy had represented GMAC in its lease at the park in August 2004. ResCap, a division of Cerberus Capital Management LP, is now located at One Meridian Crossings in Minneapolis.

Tracy says activity in the Normandale park this year has been slow, but that his company has brought in about 210,000 sf of new and expanded leases in the four-building park. Next, the owners are building a new 275,000-sf spec office building, the 8200 Tower. About 45% of the space in the new, 11-story tower is pre-leased to Benfield, an independent reinsurance and risk intermediary. "Once the new building is done in April, the park will have about 1.7 million sf of class A office space," Tracy tells GlobeSt.com. He says the asking lease rate will be $19 per sf, net.

The total occupancy rate of the Normandale park is about 87%, Tracy says. "Though the economy has slowed down, the tenants here, including Fortune 500 companies such as Microsoft and Oracle, continue to do well."

Tracy and Zach Pettus represented the owner in the Prime lease. Ray Reese, Brian Fogelberg and Neil Kolatkar with CB Richard Ellis represented Prime. The owner has had the park, which has more than 90 companies and about 5,000 employees, since 1990.