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BLOOMINGTON, MN-GMAC Residential Funding Corp. recently signed a 244,000-sf lease at Normandale Lake Office Park, the 1.4-million-sf class A office park located at Interstate 494 and Highway 100. The deal, the largest Twin Cities’ office lease this year, will keep the company through 2013, according to United Properties, a locally based commercial real estate company that tracks the office market.

The new lease, negotiated by United Properties on behalf of Normandale Lake Office Park owner TIAA-CREF, expands GMAC Residential Funding Corp space by 43,000 sf. The Chicago office of Cushman & Wakefield represented GMAC Residential Funding Corp.

GMAC Residential Funding Corp. has begun construction of its new space and by October will occupy 11 floors in the Park’s 18-story, 421,000-sf 8400 Tower. About 1,200 GMAC Residential Funding Corp. employees will work at the location, which has been the company’s headquarters since 1991.

United Properties vice president Tom Tracy represented TIAA-CREF. GMAC looked at a number of other potential real estate deals throughout the Twin Cities, Tracy reports. Employees liked working at the site for the last 13 years, and that was a factor in the decision, says Anne Knapp, managing director and executive vice president, corporate development, GMAC Residential Funding Corp. In addition to the new expansion space, GMAC Residential Funding Corp. plans to renovate its existing space over the next two years, she says.

Normandale Lake Office Park’s occupancy rate is above 90%–higher than the Twin Cities mid-year 2004 overall office occupancy rate of 82%, according to United.

TIAA-CREF has owned Normandale Lake Office Park since 1990. United Properties has managed and leased Normandale Lake Office Park for the past 14 years.

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