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BLOOMINGTON, MN-NCS Pearson, a division of Pearson PLC and Pearson Education, has signed a long-term lease for 33,796 sf of office at 5715 W. Old Shakopee Rd. in the West Bloomington Technology Park. The company will move into the new space in November.

The 63,000-sf building is about five years old, and was previously occupied by CitiFinancial as a call center. “They moved out in February to a new location a couple of miles away,” says Brad Butler with Liberty Property Trust, which owns the building. The rest of the building is available, he says, with an asking rate of $12 per sf.

He says his firm was fortunate to get the deal done, as there’s not too many large deals going on in the Minneapolis market. “There’s a lot of smaller stuff around, especially in the new class A developments, but those are at around a $17 to $19 per sf range. This kind of flex property weathers the market a little better,” Butler says.

Also, the Southwest Minneapolis office market has been kind of slow, Butler says. The Southwest market has the lowest vacancy rate in the area at 12.9%, but that figure will go up because of new product now coming online, according to a second quarter Grubb & Ellis market report.

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