Downtown Minneapolis Office Market

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

Postby Silophant » March 27th, 2019, 6:19 am

Wait, Opus is able to build something that doesn't include a half-block parking podium?

I really like the glassy one, but unless they've got a tenant in mind, there's no way they're building a new office tower two blocks from the soon to be half empty RBC Plaza.

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Anondson
Capella Tower
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Re: Downtown Minneapolis Office Market

Postby Anondson » March 27th, 2019, 6:33 am

It looks like the taller glassy one also leaves a sliver on Marquette for a third building. More residential?

alexschief
Union Depot
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Re: Downtown Minneapolis Office Market

Postby alexschief » March 27th, 2019, 7:44 am

The streetscape is really important here, across from the library and the Nimbus. I would hope the city might suggest to Opus these three guidelines:

1. Two buildings to break up this space, not one giant facade.
2. Not another parking podium.
3. Retail on the entire Nicollet frontage and the Marquette and 3rd corner.

SurlyLHT
US Bank Plaza
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Re: Downtown Minneapolis Office Market

Postby SurlyLHT » March 27th, 2019, 8:43 am

The retail is a must...the nearest retail to this corner is what a couple blocks away? This area is still forlorn.

fehler
Rice Park
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Re: Downtown Minneapolis Office Market

Postby fehler » March 27th, 2019, 9:14 am

Is it that you don't see the parking podium, or you don't want to see the parking podium?

twinkess
Rice Park
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Re: Downtown Minneapolis Office Market

Postby twinkess » March 28th, 2019, 8:00 am

SurlyLHT wrote:
March 27th, 2019, 8:43 am
The retail is a must...the nearest retail to this corner is what a couple blocks away? This area is still forlorn.
On Nicollet yes. Whole Paycheck is a block or two away from here as well.

SurlyLHT
US Bank Plaza
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Re: Downtown Minneapolis Office Market

Postby SurlyLHT » March 28th, 2019, 8:37 am

Personally, part of me would rather these stay empty until the next boom and we get something more significant built. Too many yawn buildings recently. Have DID put a temporary park or etc here.

Silophant
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Re: Downtown Minneapolis Office Market

Postby Silophant » March 28th, 2019, 8:41 am

If anything, I think the extra cost of demoing an existing building makes redevelopment of such a site more likely to produce a significant building than redevelopment of an empty lot.

And, fwiw, while this is the last parking lot on Nicollet (finally!) there's still plenty of available sites on Marquette and Hennepin.

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Anondson
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Re: Downtown Minneapolis Office Market

Postby Anondson » April 1st, 2019, 12:09 pm


go4guy
Foshay Tower
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Re: Downtown Minneapolis Office Market

Postby go4guy » April 1st, 2019, 4:24 pm

How much would it cost to build a building the size of WFC now. Including the cost to remodel, the market would seem to support an investment firm like this just building a new building.

mamundsen
Wells Fargo Center
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Re: Downtown Minneapolis Office Market

Postby mamundsen » April 1st, 2019, 6:36 pm

I wonder why they sold. I thought they were still over 50% of building even with the new buildings over by the stadium.

grrdanko
Nicollet Mall
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Re: Downtown Minneapolis Office Market

Postby grrdanko » April 1st, 2019, 7:08 pm

mamundsen wrote:
April 1st, 2019, 6:36 pm
I wonder why they sold. I thought they were still over 50% of building even with the new buildings over by the stadium.
Wells Fargo didn't own the building.

mamundsen
Wells Fargo Center
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Re: Downtown Minneapolis Office Market

Postby mamundsen » April 1st, 2019, 9:14 pm

grrdanko wrote:
April 1st, 2019, 7:08 pm
mamundsen wrote:
April 1st, 2019, 6:36 pm
I wonder why they sold. I thought they were still over 50% of building even with the new buildings over by the stadium.
Wells Fargo didn't own the building.
From the story in the Biz Journal:

https://www.google.com/url?sa=i&source= ... 1244709298

The sellers are Hines and Blackstone. The Hines partnership includes minority investors Wells Fargo and law firm Faegre Baker Daniels.

They might have had a say in it.

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Anondson
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Re: Downtown Minneapolis Office Market

Postby Anondson » April 23rd, 2019, 8:13 pm

Bizjournals on downtown luring suburban jobs.

https://www.bizjournals.com/twincities/ ... bs-to.html

Transit-accessible downtown amenities proving a tremendous positive for a nice share of commuting workers.

But with Dayton’s getting converted to office not housing, and RBC vacating its space for shiny new digs, downtown is going to get a bunch of extra office space to take up demand for a while.

I’m still dreaming of a new skyscraper to fill up the crater of 9th-10th/2nd-3rd. Or even any of the abundant quarter-block 4-story parking structures in the central business district.

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jtoemke
Landmark Center
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Re: Downtown Minneapolis Office Market

Postby jtoemke » April 24th, 2019, 6:13 am

I love the photo they used because of how different it would have looked 10 years ago.

alexschief
Union Depot
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Re: Downtown Minneapolis Office Market

Postby alexschief » April 24th, 2019, 8:13 am

I'm bullish on the prospect of the SWLRT helping to increase the pull of downtown Minneapolis. Companies tend to locate their headquarters closer to where the CEO lives, and while the LRT doesn't exactly reach the shores of Lake Minnetonka, it certainly will intrude on the mental map of the Twin Cities for a lot of white collar business types.

When the line is complete, I imagine that it'll be much easier for local business leaders to imagine their workforce commuting downtown via transit, and they might be more likely to move there as a result.

KML_1981
Nicollet Mall
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Re: Downtown Minneapolis Office Market

Postby KML_1981 » July 15th, 2019, 3:07 pm

"U.S. Bank wants more of U.S. Bank Plaza to itself, so tenants are looking elsewhere"

LOCKED: https://www.bizjournals.com/twincities/ ... lf-so.html

Sounds like good news to me. US Bank consolidating suburban workers DT, needs the space. Other tenants now in the building beginning to look elsewhere, including the soon to be vacant RBC Plaza.

bapster2006
Foshay Tower
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Re: Downtown Minneapolis Office Market

Postby bapster2006 » July 15th, 2019, 3:24 pm

Yea, Fredrikson & Byron is looking for 200,000 sq feet. And other firms.

twincitizen
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Re: Downtown Minneapolis Office Market

Postby twincitizen » August 7th, 2019, 6:52 pm

KML_1981 wrote:
July 15th, 2019, 3:07 pm
"U.S. Bank wants more of U.S. Bank Plaza to itself, so tenants are looking elsewhere"

LOCKED: https://www.bizjournals.com/twincities/ ... lf-so.html

Sounds like good news to me. US Bank consolidating suburban workers DT, needs the space. Other tenants now in the building beginning to look elsewhere, including the soon to be vacant RBC Plaza.
Also worth noting that US Bank owns the Plaza building. But they do not own US Bancorp Center (800 Nicollet), which means they lack control over future rent increases. They could just be shifting people around downtown to save $

alexschief
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Re: Downtown Minneapolis Office Market

Postby alexschief » August 8th, 2019, 7:50 am

LOCKED: Rapidly growing Merrill Corp. will consolidate 350 employees in downtown Minneapolis
twincitizen wrote:
August 7th, 2019, 6:52 pm
Also worth noting that US Bank owns the Plaza building. But they do not own US Bancorp Center (800 Nicollet), which means they lack control over future rent increases. They could just be shifting people around downtown to save $
I don't think it's common for corporations to own the building where their headquarters is? They usually have an immense amount of control though. If the owner of the US Bancorp Center wanted to jack up the rent, they'd have to be prepared to instead have nearly their entire tower sit vacant for a while. As a result, these agreements are usually long-term and painstakingly negotiated.


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