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.