Part of the largest multi-tenant office complex in the Twin Cities is going up for a foreclosure sale at the end of November.
A sheriff’s sale for the prominent 8500 Tower of Normandale Lake Office Park in Bloomington will have a public auction 10 a.m. Nov. 26 at the Hennepin County Sheriff’s Office in downtown Minneapolis, according to a public notice published earlier this month.
An attorney for the lender did not immediately respond to a phone call seeking comment.
New York-based Opal Holdings bought the five-tower Normandale Lake complex for $366 million in 2022 when office values were falling post-pandemic because of remote and hybrid work.
But the vast office complex still has been one of the most-coveted in the area, with its occupancy rates around 80%. The office vacancy rate for the Twin Cities’ combined suburbs is 11.5%.
