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Artist's Rendering (Photo: Principal Real Estate Investors)

Stocks in this article: PFG

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)

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 10 th 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 InvestorsPrincipal 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 InvestorsPrincipal 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 assets 1 primarily for retirement plans and other institutional clients 2.

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: http://www.businesswire.com/multimedia/home/20130222005576/en/

Copyright Business Wire 2010

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