Downtown Minneapolis Office Market

Downtown - North Loop - Mill District - Elliot Park - Loring Park
Unity77
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Re: Downtown Office Market

Postby Unity77 » February 12th, 2013, 1:03 am

According to the Business Journal, TCF Bank is now looking for 100,000 to 300,000 square feet of office space. Hopefully they stay downtown and if they end up being part of a new development, even better.

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

min-chi-cbus
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Re: Downtown Office Market

Postby min-chi-cbus » February 12th, 2013, 11:54 am

They said they were NOT going to build anything new -- at least, that's what I saw in the Star Tribune article. This is going to be a space absorber, and that's a VERY GOOD THING if you think about how much Class B space is going to flood the market in a couple months/years.

Unity77
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Re: Downtown Office Market

Postby Unity77 » February 12th, 2013, 12:03 pm

min-chi-cbus wrote:They said they were NOT going to build anything new -- at least, that's what I saw in the Star Tribune article. This is going to be a space absorber, and that's a VERY GOOD THING if you think about how much Class B space is going to flood the market in a couple months/years.
You are right; probably not going to build anything new.

"It's just kind of an update of the market," he (Korstange) said. "Nothing is off the table, right now, but I would say the bank isn't looking at new construction."

mullen
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Re: Downtown Office Market

Postby mullen » February 12th, 2013, 1:22 pm

it's not a space absorber if they empty out of their current space for another building. remember when their jerk ceo moved the headquarters to wayzata. another reason i don't bank there.

nasa35

Re: Downtown Office Market

Postby nasa35 » February 12th, 2013, 1:35 pm

mullen wrote:it's not a space absorber if they empty out of their current space for another building. remember when their jerk ceo moved the headquarters to wayzata. another reason i don't bank there.
it was closer to his house.

John
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Re: Downtown Office Market

Postby John » February 12th, 2013, 2:19 pm

Actually, it would be great if TCF just rehabbed their current site ( interior and exterior) to give it a nicer, more contemporary look and better relationship with The Foshay. The atrium inside the complex has potential to be a much more interesting space, and I even think the tower part was built to support an extension. Just needs a good architect with experience updating outdated office buildings.

spearson
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Re: Downtown Office Market

Postby spearson » February 12th, 2013, 3:56 pm

John wrote:Actually, it would be great if TCF just rehabbed their current site ( interior and exterior) to give it a nicer, more contemporary look and better relationship with The Foshay. The atrium inside the complex has potential to be a much more interesting space, and I even think the tower part was built to support an extension. Just needs a good architect with experience updating outdated office buildings.
I agree on the atrium, it could use some help.

min-chi-cbus
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Re: Downtown Office Market

Postby min-chi-cbus » February 12th, 2013, 4:11 pm

mullen wrote:it's not a space absorber if they empty out of their current space for another building. remember when their jerk ceo moved the headquarters to wayzata. another reason i don't bank there.
I thought this was also a slight expansion.

twincitizen
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Re: Downtown Office Market

Postby twincitizen » February 12th, 2013, 10:55 pm

min-chi-cbus wrote:
MplsTodd wrote:
trkaiser wrote:Spurred by their positive earnings news today, does anybody know how US Bank's office space needs are looking?
I just read that US Bank was leasing space inthe Best Buy HQ campus in Richfield, across from their big facility at Meridian One & Two. But,who knows, maybe their downtown office may be growing too.
Well technically that can't be such a bad thing, no (leasing space at BBY)? That just tells me that they have immediate space needs and are looking for a temporary solution. Wells Fargo has lots of space scattered throughout the metro and now it's consolidating some of that space at the Strib blocks. Maybe US Bank will do the same soon?
US Bank came out of the recession very strong, due to not taking as many risks as the Big 4. They've made a bunch of smaller acquisitions in recent years as well. They are now solidly the #5 bank in the country, but WAAAY smaller than any of the Big 4. If US Bank continues to grow and closes that gap even a little, I could definitely see them wanting more space downtown.

Even though USB is HQ'd here and Wells Fargo is not...Wells has more employees in the Twin Cities by a significant margin. That's weird...

Unity77
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Re: Downtown Office Market

Postby Unity77 » February 12th, 2013, 11:36 pm

twincitizen wrote: US Bank came out of the recession very strong, due to not taking as many risks as the Big 4. They've made a bunch of smaller acquisitions in recent years as well. They are now solidly the #5 bank in the country, but WAAAY smaller than any of the Big 4. If US Bank continues to grow and closes that gap even a little, I could definitely see them wanting more space downtown.

Even though USB is HQ'd here and Wells Fargo is not...Wells has more employees in the Twin Cities by a significant margin. That's weird...
Well, US Bank is in better shape than one of the Big 4 (Bank of America), so that's a positive.

Regarding employment, I just saw that at the end of 2012, Wells Fargo employed 7,000 in downtown Minneapolis while US Bank employed 3,253.

mplsjaromir
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Re: Downtown Office Market

Postby mplsjaromir » February 13th, 2013, 2:52 am

twincitizen wrote:Even though USB is HQ'd here and Wells Fargo is not...Wells has more employees in the Twin Cities by a significant margin. That's weird...
IIRC, Norwest Bank acquired Wells Fargo and decided that Wells Fargo would be a better name for nationwide bank. I could imagine that highly paid banksters executives would rather live in San Francisco over Minneapolis, while maintaining a lower cost (more solemn) larger workforce in Minneapolis.

Suburban Outcast
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Re: Downtown Office Market

Postby Suburban Outcast » February 13th, 2013, 4:24 am

mplsjaromir wrote:
twincitizen wrote:Even though USB is HQ'd here and Wells Fargo is not...Wells has more employees in the Twin Cities by a significant margin. That's weird...
IIRC, Norwest Bank acquired Wells Fargo and decided that Wells Fargo would be a better name for nationwide bank. I could imagine that highly paid banksters executives would rather live in San Francisco over Minneapolis, while maintaining a lower cost (more solemn) larger workforce in Minneapolis.
Yep, plus they have the HQ of their Home Mortgage division just south of downtown Minneapolis as well which probably has a lot of employees. I wonder if Downtown Minneapolis would have changed at all if they had the HQ of a Big Four bank. I mean Charlotte has Bank of America, so having a Big Four HQ in a smaller financial center wouldn't have been unheard of. At least Wells Fargo using the larger and cheaper workforce in the Minneapolis market benefits both them and us. Paying someone in Minneapolis compared to someone in San Fran probably saves them tons of money given that costs of living are cheaper here. A $100,000/year salary in Minneapolis probably goes a lot further than getting paid that same amount in SF.

TWA
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Re: Downtown Office Market

Postby TWA » February 13th, 2013, 7:45 am

On the subject of TCF bank, it is a strong regional bank with a lot of locations in minnesota and chicago, and I know they have offices in Colorado as well. They seem to me to be primed to be bought out by a larger bank who either wants to expand into this market, or to get rid of a main competitor. I am not going off any news or insider info, I just see a strong small-midsize bank in a several state area as an enticing entity for a big bank to buy out.

mullen
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Re: Downtown Office Market

Postby mullen » February 13th, 2013, 8:49 am

what's sad is norwest actually bought wells fargo..but execs chose san francisco for the headquarters. can't say i blame them.

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Cyclotron
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Re: Downtown Office Market

Postby Cyclotron » February 13th, 2013, 11:41 am

Didn't the opposite happen with US Bank - Firstar acquired US Bank, and then chose the US Bank identity and moved the HQ from Milwaukee?
The greatest danger of bombs is in the explosion of stupidity that they provoke. - Octave Mirbeau

web

Re: Downtown Office Market

Postby web » February 13th, 2013, 12:32 pm

TCF was a savings and loan originally. Thats why its pretty much still regional.

Wedgeguy
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Re: Downtown Office Market

Postby Wedgeguy » February 13th, 2013, 1:51 pm

Suburban Outcast wrote:
mplsjaromir wrote:
twincitizen wrote:Even though USB is HQ'd here and Wells Fargo is not...Wells has more employees in the Twin Cities by a significant margin. That's weird...
IIRC, Norwest Bank acquired Wells Fargo and decided that Wells Fargo would be a better name for nationwide bank. I could imagine that highly paid banksters executives would rather live in San Francisco over Minneapolis, while maintaining a lower cost (more solemn) larger workforce in Minneapolis.
Yep, plus they have the HQ of their Home Mortgage division just south of downtown Minneapolis as well which probably has a lot of employees. I wonder if Downtown Minneapolis would have changed at all if they had the HQ of a Big Four bank. I mean Charlotte has Bank of America, so having a Big Four HQ in a smaller financial center wouldn't have been unheard of. At least Wells Fargo using the larger and cheaper workforce in the Minneapolis market benefits both them and us. Paying someone in Minneapolis compared to someone in San Fran probably saves them tons of money given that costs of living are cheaper here. A $100,000/year salary in Minneapolis probably goes a lot further than getting paid that same amount in SF.

The Wells Fargo Mortgage is headquartered in Des Moines. We just happen to have one of the large regional offices which I believe was a part of Norwest before the merger.

Wedgeguy
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Re: Downtown Office Market

Postby Wedgeguy » February 13th, 2013, 1:53 pm

Cyclotron wrote:Didn't the opposite happen with US Bank - Firstar acquired US Bank, and then chose the US Bank identity and moved the HQ from Milwaukee?

Nope, USBank of Portland was bought and they keep the US Bank name and had the company headquartered here in MPLS.

Suburban Outcast
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Re: Downtown Office Market

Postby Suburban Outcast » February 13th, 2013, 3:02 pm

Wedgeguy wrote: The Wells Fargo Mortgage is headquartered in Des Moines. We just happen to have one of the large regional offices which I believe was a part of Norwest before the merger.
Oops, my mistake. I always thought it was the HQ given it's a large complex and Minneapolis still has a large WF presence.
TWA wrote:On the subject of TCF bank, it is a strong regional bank with a lot of locations in minnesota and chicago, and I know they have offices in Colorado as well. They seem to me to be primed to be bought out by a larger bank who either wants to expand into this market, or to get rid of a main competitor. I am not going off any news or insider info, I just see a strong small-midsize bank in a several state area as an enticing entity for a big bank to buy out.
I hope it isn't TCF if they do actually plan to add more office space in downtown. I could see it happening though, TCF getting bought by someone like (JPMorgan)Chase so they could enter the Minneapolis market to expand even further given they could since transplants from Chicago here are probably quite familiar with that bank.

TroyGBiv
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Re: Downtown Office Market

Postby TroyGBiv » February 13th, 2013, 10:17 pm

I was told by a banker I know at Wells Fargo that Citibank is looking to make a big entrance into the market and purchasing TCF would be the most likely choice. These banking acquisitions take years and this was told to me about 18 months ago.


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