Search
 

MetLife Pays $43M for Northland Plaza

BLOOMINGTON, MN-Equity Office Properties Trust, which has indicated it wants to focus on larger markets, sells the nearly 297,000-sf office building near Interstate 494 and France Avenue.

By Jim McCartney | Updated on January 10, 2005

BLOOMINGTON, MN-Northland Plaza, a 296,967-sf office tower on the Interstate 494 corridor, has been sold to MetLife for $43 million, according to the seller, Chicago-based Equity Office Properties Trust. The 14-story building just off France Avenue was owned by Equity Office Properties for little more than six years and was 91.2% occupied as of the end of the third quarter.

Nearly two years ago, Equity sold for $174 million the jewel of its three office buildings in the Twin Cities, the 929,000-sf US Bancorp Center in Minneapolis. Last spring, about a year after it sold US Bancorp Center, the company put its other two Twin Cities properties, Northland Plaza and the 30-story LaSalle Plaza in Downtown Minneapolis, up for sale. Equity Office Properties plans to sell off assets in smaller markets to concentrate on up to 20 core markets, such as New York, Chicago and Los Angeles. The company still owns LaSalle Plaza.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.