PROPERTY MANAGEMENT, LEASING & MARKETING – 267,000 SF
We assisted United Properties in repositioning a historic building from Class C to Class A office space, oriented to the LRT system in downtown Minneapolis. This process included obtaining approvals from the National Park Service and the Minneapolis Heritage Preservation Commission as well as the City of Minneapolis Planning Commission in relation to a building addition. At the time the redevelopment work commenced, the North Loop was a pioneering area still emerging and unproven.
- The building had been neglected; it was 60% occupied by more than 40 tenants with rent less than $12 gross.
- Looked for ways to reinforce the building’s commitment to urbanism and sustainability in renovating the historic landmark.
- Preserve the historic nature of the building while developing a plan for an affordable renovation.
- Restore the window line, the most distinguishing characteristic of the Ford Center.
- Work toward the U.S. Green Building Council’s Leadership in Energy and Environmental Design (LEED) certification.
- We advised the owner during the $40 million historic renovation and rebranding of the building, including approximately $4 million of common area improvements.
- Helped to establish an entirely new brand for the building.
- Advised on renovations to the common areas and amenities.
- Secured 6 new leases (266,000 sf), bringing the building to 99% leased prior to completion of the renovations.
- After renovations, the building is now recognized as a Class A option in the market.
- Established new high net lease rate of $14 psf net, 20% higher than traditional CBD Class A options.