Principal Real Estate Investors Breaks Ground at Sunnyvale Business Park

Fri Feb 22, 2013 10:40am EST

* Reuters is not responsible for the content in this press release.

Three-story, 107,000-square-foot office building set for shell completion in
DES MOINES, Iowa--(Business Wire)--
Principal Real Estate Investors, one of the largest institutional real estate
managers in the United States, broke ground at Sunnyvale Business Park last week
in Sunnyvale, Calif.
Artist's rendering (Photo: Principal Real Estate Investors)

Construction of the Class A office building will take roughly seven months to
reach shell completion. The three-story, 107,000 square foot property will
become the 10th building in the Sunnyvale Business Park, which is located at
Mathilda and Evelyn Avenues. The project, which is being built speculative, is
located within one block of the Sunnyvale Caltrain station and downtown
Sunnyvale amenities. 

"Sunnyvale Business Park is a proven location for high quality companies. The
park is in an ideal setting, with close proximity to the Caltrain station,
downtown Sunnyvale, and main thoroughfares. The new 107,000-square-foot building
will be a great addition to the existing 520,000-square-foot park," said Jeff
Uittenbogaard, senior asset manager at Principal Real Estate Investors. 

The building will feature a steel frame and concrete wall panels. It will be
built according to specifications necessary to achieve Leadership in Energy and
Environmental Design (LEED) Gold certification. Legacy Partners is providing
development services and serves as the park`s property manager. Dave Sandlin,
Susan Gregory, and Kevin Moul with Colliers are the listing agents. Ware Malcomb
is project architect and the general contractor is Lusardi Construction. 

About Principal Real Estate Investors
Principal Real Estate Investors manages or subadvises $44.8 billion in
commercial real estate assets. The firm`s real estate capabilities include both
public and private equity and debt investment alternatives. Principal Real
Estate Investors is the dedicated real estate group of Principal Global
Investors, a diversified asset management organization and a member of the
Principal Financial Group®. 

About Principal Global Investors
Principal Global Investors is a diversified asset management organization and a
member of the Principal Financial Group®, with expertise in equities, fixed
income and real estate investments, as well as specialized overlay and advisory
services. Principal Global Investors manages $281.5 billion in assets1 primarily
for retirement plans and other institutional clients2. 

1 As of Dec. 31, 2012.
2 Principal Global Investors is the asset management arm of the Principal
Financial Group® (The Principal®) and includes the asset management operations
of the following subsidiaries of The Principal: Principal Global Investors, LLC;
Principal Real Estate Investors, LLC; Spectrum Asset Management, Inc.; Post
Advisory Group, LLC; Columbus Circle Investors; Edge Asset Management, Inc.;
Morley Financial Services Inc.; Finisterre Capital, LLP; Origin Asset
Management, LLP; Principal Global Investors (Europe) Limited; Principal Global
Investors (Singapore) Ltd.; Principal Global Investors (Australia) Ltd.;
Principal Global Investors (Japan) Ltd.; Principal Global Investors (Hong Kong)
Ltd.; CIMB-Principal Islamic Asset Management Sdn. Bhd.; and the majority owned
affiliates of Principal International, Inc. Assets under management includes
assets managed by investment professionals of Principal Global Investors under
dual employee arrangements with other subsidiaries of The Principal.

Photos/Multimedia Gallery Available:

Principal Financial Group
Adam Lackey, 515-362-0482

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