urbanMSP

The lease is definitely inline with the potential sale of the company... That was why they backed out of the Mosaic project.

CBRE released their Q1 market report today. Can't get into it without being registered though,



http://www.cbre.us/o/minneapolis/Pages/ ... =hootsuite

Without being able to see into it, two things jump out: 1, the midway area is up there with the MPLS CDB. I guess that's why United wants to build office there. 2, St. Paul's CBD is really hurting.

What does B/E/A stand for? Burnsville/Eagan/Apple Valley?

Yup, that's what B/E/A means in this case (I've seen it in previous reports). I'm not surprised at its position relative to the other markets -- I work in Burnsville and there's always been vacant office space in our building. The B- and C-class stuff especially seems to have a lot of vacancies down here.

I'm kind of scratching my head on Midway -- can there really be enough office space in that area to justify it being its own sub-market?

There's a reason it's on the "suburban" side of that line - it's all spread out like a mini 494 corridor. It's a pretty small submarket with few larger multi-tenant buildings, but in the ~3.2 miles between Lexington Ave and the St. Paul-Minneapolis border, it's enough. I'd also guess that "Midway" includes everything along Energy Park Drive, not just what you can see from University Ave.

Midway may also include 280 as well.

More on the Code42 move and other

http://www.startribune.com/as-code-42-h ... 375851661/

“We’ve had to drag people down there. They think Washington Square is an island,”

The complex’s most distinctive building, 20 Washington, is known for its exterior of thin, 80-feet-tall columns and its portico along Hennepin Avenue. (Some people refer to it as the centipede building.)

Pretty sure that nobody refers to it as the centipede building.

Literally no one.

I've never heard that in my life.

Centipede Building = grape salad of local architecture.

Without being able to see into it, two things jump out: 1, the midway area is up there with the MPLS CDB. I guess that's why United wants to build office there. 2, St. Paul's CBD is really hurting.

Not just that, but it is in a really weird spot too -- when a major employer is leaving the St. Paul CBD (Cray) because they can't find enough office space, it tells me that even though the CBD vacancy rates may be high, they are mostly Class-B & C spaces that are not contiguous, therefore not attractive to employers with larger staff.

Bank of America signed a lease for 60,000 sq ft across 3 floors in IDS

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

Bank of America signed a lease for 60,000 sq ft across 3 floors in IDS

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

Gist:
~ Floors 35, 40 and 41
~ No info on when the lease begins, how many employees will be in the space or where they'll come from.
~ Speculation that the IDS space will be Bank of America Merrill Lynch, which has offices on the upper floors of Capella Tower (225 S Sixth).

I keep hoping BoA will buy TCF and move it's headquarters here - leaving Charlotte and the dreadfully backwards state of NC in the smoldering ashes.

I keep hoping BoA will buy TCF and move it's headquarters here - leaving Charlotte and the dreadfully backwards state of NC in the smoldering ashes.

What's more likely is Wells Fargo moves all corporate offices east of SF to Charlotte, which is to say not likely at all.

Anyways, I know some want to punish TCF for moving to the suburbs, but a BofA buy-out would likely mean less Minnesota jobs and not more.

Fewer, even.

Seeing as how BoA just failed their 'living will' test with the Feds, I doubt they'll be buying anyone anytime soon.

Jeesh, tough crowd. I know there's little to no likelihood that BoA will leave NC, regardless of their ability or reaction to HB2. I just liked the idea of seeing them screw NC and move their banking HQ and operations here. My idea wasn't that they'd reduce jobs here - but rather increase jobs here while reducing jobs in NC. But clearly that fantasy of mine was lost in translation.