Downtown Minneapolis Office Market

[grant1simons2]

Artis REIT, (the same firm that's proposing the 14 story tower in the 494/394 armpit), paid $68.6 million for the 26-story Canadian Pacific Plaza in downtown Minneapolis, the Winnipeg-based real estate investment trust announced Monday. The seller, New York-based Ladder Capital Finance LLC, paid $51.52 million in October 2013 for the 398,884-square-foot Class A office tower at 120 S. Sixth St. The building is 98.7 % leased, up from 70% in 2012.

http://finance-commerce.com/2015/11/art ... z3qNaH8RVI

[Minneboy]

$17 million dollar profit in 2 years, not bad. I don't recall them doing any special remodeling either.

[amiller92]

$17 million dollar profit in 2 years, not bad. I don't recall them doing any special remodeling either.

Did Canadian Pacific move in before or after they bought it? You'd have to think some remodeling was involved in the move.

[Wedgeguy]

$17 million dollar profit in 2 years, not bad. I don't recall them doing any special remodeling either.

Did Canadian Pacific move in before or after they bought it? You'd have to think some remodeling was involved in the move.

I thought they bought it about the time that Village Green was trying to finalize the Soo Line deal. CP was not a signed lease, but there was a good probability that they would move in if apartments took over the Soo Line. I think CP signed a lease after Village Green had closed on the Soo Line building.

Don't think that they invested too much in remodeling when they moved in.

[grant1simons2]

Permanent financing is in place for the Schmitt Building

http://www.rejournals.com/2015/11/13/cb ... nneapolis/

[Azel]

Big law firm may move within downtown

http://www.bizjournals.com/twincities/b ... polis.html

[twincitizen]

This article rouns up the new and proposed office space all over the Twin Cities, but has enough relevant to downtown that I wanted to share it here: http://tcbmag.com/Industries/Real-Estat ... fice-Space

[grant1simons2]

Not major news, but some more vacant space has been leased in Fifth Street Towers.

Berger & Montague Attorneys will be opening up this month on the 19th floor

http://www.bergermontague.com/contact-us/minneapolis

[Silophant]

The US Citizenship and Immigration office, formerly slated to move to a totally transit-inaccessible corner of Bloomington, will instead be moving to Marquette Plaza.

[Wedgeguy]

The US Citizenship and Immigration office, formerly slated to move to a totally transit-inaccessible corner of Bloomington, will instead be moving to Marquette Plaza.

That would fit in well with the IRS which is on the main/skyway level of the Marquette Plaza. You know that the government will be paying their rent on time. Most immigrants know this building already due to going to the IRS office for tax help and forms.

[HiawathaGuy]

Damn!

Education firm to move 500 workers from the suburbs to downtown Minneapolis
http://www.bizjournals.com/twincities/b ... m-the.html

[Wedgeguy]

Damn!

Education firm to move 500 workers from the suburbs to downtown Minneapolis
http://www.bizjournals.com/twincities/b ... m-the.html

Having that building full would sure help out activating the north end of the mall as far as daytime restaurants. But I think the biggest winner for the added workers is the skyway level restaurants of the Crossing building. They have plenty of restaurants open with one space to fill. Plus they are updating the skyway as well and it is basically walking thru a skyway that crosses an alley so that would be some of the closest places for lunch. Plus you have the other food court skyway a block south that will benefit too.

[Silophant]

That's great news! That building's been creepily empty for a long time.

[mattaudio]

It's not empty... I have meetings there a few times a year.

[Wedgeguy]

That's great news! That building's been creepily empty for a long time.

I think we have actually found an aggressive landlord that is willing to part with some money to get quality tenants into the building over the long haul and not just a few short term leases. The fact there is so much construction now along Washington and the north end of the mall, it has change the dynamics of this area. The building is no longer on the fringe, but with the core expanding is now very close to the LRT station compared to other office buildings south of 8th. The fact that this and 100 Washington are no long part of a corporate campus helps a lot on having to make this building more attractive to more tenants. Thus the ground work at 100 Washington with their new space for the lobby and retail. Washington is now becoming an "IT" address. There is a lot of development that will keep filling in around this area too.

[grant1simons2]

Yes! CBRE moving 192 employees into Lasalle Plaza! This means moving 142 out of Bloomington.

http://www.bizjournals.com/twincities/b ... salle.html

[Silophant]

http://assets.bizjournals.com/twincitie ... line.2.pdf

Remember this infographic? I'd be super interested in seeing an updated version.

[grant1simons2]

They haven't updated it since May

It's the JLL Skyline tool

http://jllcampaigns.com/skyline/

[mister.shoes]

Yes! CBRE moving 192 employees into Lasalle Plaza! This means moving 142 out of Bloomington.

http://www.bizjournals.com/twincities/b ... salle.html

That building along 494 is just a few years old. CBRE hasn't been in it long, so they're certainly not moving downtown simply for a nicer/newer office. Given that only 50 employees are already downtown and 3x that are coming from Bloomington, that's a real positive sign.

[grant1simons2]

Says in the article it's because of transit