Zell-Led Joint Venture Closes $268M Minn. Office Park Deal

Law360, New York (August 30, 2012, 7:55 PM EDT) -- In a deal reportedly worth $268 million, a unit of billionaire Sam Zell's Equity Group Investments, GEM Realty Capital Inc. and Perennial Investments and Advisors LLC announced Thursday they had purchased Normandale Lake Office Park, Minneapolis' largest Class A office asset.

The property had been owned by the Teachers Insurance and Annuity Association-College Retirement Equities Fund, according to the building's promotional materials. Financial and special terms of the deal were not disclosed by the buyers.

A spokeswoman for GEM declined to comment Thursday and representatives for...
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