Downtown Minneapolis Office Market

Downtown - North Loop - Mill District - Elliot Park - Loring Park
mattaudio
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Re: Downtown Office Market

Postby mattaudio » June 25th, 2014, 9:50 am

This will probably result in upward lease prices in nearby towers such as LaSalle Plaza, US Bancorp Center, and the AT&T building for tenants that demand proximity to Target. Coupled with the center of gravity shifting north and east again after two decades moving south along the Mall, makes me wonder if this will indirectly spur some development elsewhere.

spearson
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Re: Downtown Office Market

Postby spearson » July 3rd, 2014, 2:08 pm

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

Looks like the three washington square buildings are about to be sold again (biz reports closing in a month). The article reports that 111 Washington is mostly vacant, which is fascinating to me. I wonder what they will do to the property to lure in new tenants? Will they just sit on it with the hope that Opus will finally develop the Ritz block?

I've also wondered which of those three would ever hit the wrecking ball first, being the nature of old buildings and all. I like all three of them though, for the record.

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Silophant
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Re: Downtown Office Market

Postby Silophant » July 3rd, 2014, 2:19 pm

Huh. I walk through the skyway level of 111 Washington fairly often, and I've occasionally thought that it was weird that I've never ever seen anyone there except other people passing through between Marquette Plaza and the Crossings. Guess that explains it.

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Re: Downtown Office Market

Postby lordmoke » July 3rd, 2014, 2:21 pm

spearson wrote: I've also wondered which of those three would ever hit the wrecking ball first, being the nature of old buildings and all. I like all three of them though, for the record.
111 is definitely going to be the first (and probably only) one to ever go. The other two were designed by Minoru Yamasaki, the architect of the old World Trade Center complex. And the old Northwestern National Life building is a masterpiece, even though it permanently severs Nicollet Avenue.

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Re: Downtown Office Market

Postby Gman12 » July 3rd, 2014, 2:30 pm

FBI moved out of 111 a year or two ago to their new place in the suburbs.

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Re: Downtown Office Market

Postby Wedgeguy » July 3rd, 2014, 2:44 pm

Part of the 111's problem is it's location in the city. It was built to handle the ever growing Northwest National Life Co. When NNL was acquired many years ago the need for space growth was abruptly ended. I remember with the skyway connection to 111 was secured pass card only. As they shrunk the number of employee here in MPLS the building was opened up to multi-tenant use.
I see the building as being a good sound building, it is right now just in a lousy location. I'm sure they have adequate floor plate size for most businesses out there. It needs some TLC and the Ritz block to fill in the gap that keeps people from the area.The fact that it's front door is located away from the downtown core,facing Washington, does not help matters. If the Marquette Building, old Fed Reserve, is able to continue to have tenants then 111 will have the same thing. Both are just off Washington and they both need for the north end to fill up with more office space to allow them to be closer to the action. For now I'd say the 111 is a good b+ building that just need to find tenants that would like to be downtown, but not wanting to pay the higher rents or worry about being in the immediate proximity of 7th and Nicolette [sic]. 510 Marquette shows there is a market for those kind of tenants. They just need to find the right mix and amenities that those tenants want. It will mean some real over haul at least of the lower floors. To take it from a single tenant building, which it was designed for, and to make it a true multi-tenant building.

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Nathan
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Re: Downtown Office Market

Postby Nathan » July 3rd, 2014, 6:17 pm

lordmoke wrote:
spearson wrote: I've also wondered which of those three would ever hit the wrecking ball first, being the nature of old buildings and all. I like all three of them though, for the record.
111 is definitely going to be the first (and probably only) one to ever go. The other two were designed by Minoru Yamasaki, the architect of the old World Trade Center complex. And the old Northwestern National Life building is a masterpiece, even though it permanently severs Nicollet Avenue.
uh... all three of them are yamasaki :)

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Re: Downtown Office Market

Postby mulad » July 3rd, 2014, 6:40 pm

I am not a Yamasaki fan, and wouldn't mind if they all went away.

spearson
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Re: Downtown Office Market

Postby spearson » July 3rd, 2014, 6:44 pm

The article states 111 was from a different architect.

Wedgeguy
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Re: Downtown Office Market

Postby Wedgeguy » July 3rd, 2014, 6:49 pm

111 will probably not be torn down, I will never say never, but it is an efficient building as far as floor space goes. You have some very large floor plates, nearly a block long, which are a plus to many companies that are looking for continuous space. Getting a few more amenities in the building and restaurants in the area will help to make this building a plus in about 5 years.

The plus of this building, one block off the mall and on Marquette which are both transportation hubs. It is blocks closer to the north loop than those in the center DT core, a plus for people walking to work. Very close to the river itself for lunch breaks and for workers to do a mid day run. With Wells Fargo moving the office front closer to 3rd/4th the center of office gravity is now shifting back north from moving south with the Target headquarters. Having several floors of employees could allow the skyway businesses in the surrounding buildings to enjoy some of the benefits of more foot count traffic. Also some of the food trucks could move up the street and help re leave the concentration of food trucks in a short area where they are now.
Last edited by Wedgeguy on July 3rd, 2014, 6:53 pm, edited 1 time in total.

John
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Re: Downtown Office Market

Postby John » July 3rd, 2014, 6:49 pm

To clarify the 20 and 100 Washington Square office buildings were designed by Minoru Yamasaki ( The architect for the WTC and original Lincoln Center in NYC). The 111 Washington Square was designed by BWBR of St Paul to mimic the Yamasaki buildings. I doubt they intend to tear down any of them , but perhaps do some updates etc.

The more exciting news is they also bought the vacant parcel along Hennepin and parking ramp at 25 First Street North ( just north of 222 Hennepin apartments). I'm thinking we may finally see this vacant lot developed into something in the next few years! Shorenstein is not a developer, however, I wouldn't doubt they are very interested in having something happen here given how hot this area has become. They are a mega-wealthy real estate investment firm and well connected.

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Nathan
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Re: Downtown Office Market

Postby Nathan » July 3rd, 2014, 8:49 pm

http://www.emporis.com/building/ingreli ... lis-mn-usa

says yamasaki was involved at least...

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Nathan
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Re: Downtown Office Market

Postby Nathan » July 3rd, 2014, 8:50 pm

mulad wrote:I am not a Yamasaki fan, and wouldn't mind if they all went away.
typical of people who don't really appreciate architecture and why different eras and styles should be preserved

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Re: Downtown Office Market

Postby John » July 3rd, 2014, 9:16 pm

20 Washington Square is considered one of his best works and it could never be replicated with all the elegant marble, beautiful pattern of columns etc. It makes a lovely terminus for Nicollet Mall.

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Re: Downtown Office Market

Postby spearson » July 3rd, 2014, 10:14 pm

Which parking lot on Hennepin does it include?

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Re: Downtown Office Market

Postby Gman12 » July 4th, 2014, 7:31 am

John wrote: The more exciting news is they also bought the vacant parcel along Hennepin and parking ramp at 25 First Street North ( just north of 222 Hennepin apartments). I'm thinking we may finally see this vacant lot developed into something in the next few years! Shorenstein is not a developer, however, I wouldn't doubt they are very interested in having something happen here given how hot this area has become. They are a mega-wealthy real estate investment firm and well connected.
I actually doubt it. They didn't just buy the ramp and lot, they have owned it for years. I used to park there when I commuted from the burbs. That block sucks so I do hope they sell to a develeper soon, but I wouldn't hold my breath.

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Re: Downtown Office Market

Postby John » July 4th, 2014, 7:43 am

spearson wrote:Which parking lot on Hennepin does it include?
https://www.google.com/maps/@44.983657, ... w-kjtA!2e0

sanguinic
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Re: Downtown Office Market

Postby sanguinic » July 4th, 2014, 4:30 pm

John wrote:To clarify the 20 and 100 Washington Square office buildings were designed by Minoru Yamasaki ( The architect for the WTC and original Lincoln Center in NYC). The 111 Washington Square was designed by BWBR of St Paul to mimic the Yamasaki buildings. I doubt they intend to tear down any of them , but perhaps do some updates etc.

The more exciting news is they also bought the vacant parcel along Hennepin and parking ramp at 25 First Street North ( just north of 222 Hennepin apartments). I'm thinking we may finally see this vacant lot developed into something in the next few years! Shorenstein is not a developer, however, I wouldn't doubt they are very interested in having something happen here given how hot this area has become. They are a mega-wealthy real estate investment firm and well connected.

Yamasaki was not one of the architects involved in the original Lincoln Center project in NYC. The original group of architects were Philip Johnson (New York State Theater, now David A. Koch Theater), Max Abramovitz (Philharmonic Hall, now Avery Fisher), Gordon Bunshaft (NY Public Library), Wallace Harrison (Metropolitan Opera), Eero Saarinen (Vivian Beaumont Theater) and Pietro Bellushchi (Juilliard). Yamasaki had a number of commissions at Carleton College in Northfield.

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Re: Downtown Office Market

Postby John » July 4th, 2014, 5:15 pm

Thanks for the correction. Been a long time since architectural history in college. I'm probably mistaking the Opera House . I think I remember Wallace Harrison influenced Yamasaki and Yamasaki may have worked for him as a young man etc.

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Avian
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Re: Downtown Office Market

Postby Avian » July 4th, 2014, 11:38 pm

Yamasaki Minneapolis:

Image

Yamasaki Toledo:

Image

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