CBRE Capital Markets arranged the sale of the 385,000-square-foot Prime Therapeutics headquarters facility under construction in Eagan, Minnesota to Winnipeg-based Artis REIT for $98.5 million.
The sale includes the first two phases of the headquarters facility at 2900 Ames Crossing Road in Eagan’s Boulder Lake Business Park. The first building – totaling 225,000 square feet – became available for occupancy in September 2018. The second 160,000-square-foot building is expected to be completed in 2019.
Ryan Watts, Sonja Dusil, Tom Holtz and Judd Welliver in CBRE’s Minneapolis office represented the seller, Eagan Heights LLC, a local partnership with United Properties as its developer. Both buildings will be fully occupied by Prime Therapeutics, a pharmacy benefits manager owned by Blue Cross and Blue Shield, on long-term leases.
“There is a lot of growth and attention on the City of Eagan right now. That coupled with a long-term lease to strong organization like Prime Therapeutics, made this an attractive opportunity for investors. We truly enjoyed working with the seller to assist them in executing on their strategy for the project,” said Mrs. Dusil. The sale will close in two phases simultaneous with expected occupancy of the buildings.
United Properties also announced today that Phase 1 of the Prime Therapeutics’ LLC (Prime) new IT and operations campus, located at Interstate 494 and Dodd Road in Eagan, is now complete; Phase 2 is underway and on track with occupancy set to begin spring 2019. The 47-acre site overlooking Lake Shanahan is home to the new facility known as Prime Landing which will consolidate four of Prime’s current office locations in Minnesota.
“We are proud to partner with Prime Therapeutics on Prime Landing and pleased that approximately 900 employees have already found a new home in the Phase 1 portion of the project,” said Gordy Stofer, vice president, development, United Properties. Phase 2 occupancy is set to begin in the spring of 2019 — a full five months ahead of schedule.
Representing one of the largest office projects built in the Twin Cities this year, Prime Landing features a flexible, light-filled office environment with numerous conference rooms and meeting space options to promote internal mobility and collaboration. It also includes a meeting center featuring a 300+ seat auditorium for employee meetings; a fully-equipped fitness center and outdoor walking paths with views of Lake Shanahan; and a full-service cafeteria offering healthy, artisan food, a Caribou Coffee and visiting chain food options, with an expansive dining area and deck overlooking Lake Shanahan.
