PROPERTY MANAGEMENT, LEASING & MARKETING – 108,000 SF
We assisted United Properties in repositioning a historic building from Class C office space to Class A office space, oriented around the LRT system in the Twin Cities. This included securing various approvals from the National Park Service, the Minneapolis Heritage Preservation Commission, and the City of Minneapolis Planning Commission.
- The building was previously a single-tenant headquarters space and at the time of assignment kick-off, it was 100% vacant.
- The building was considered a historic tax credit rehabilitation project.
- Preserve and enhance the historic character of the building.
- Cushman & Wakefield secured nine new tenants, bringing the building to 100% leased before the completion of the renovation.
- MarketingLab and Ovative/group are the two largest new tenants, occupying 10,000 sf each.
- The Freehouse, a restaurant and brewhouse, is located on the first floor. Other tenants include Fields Law, LHB, Ovative, and RJM Construction.
- Loose-Wiles eclipsed the previous market net rent set at Ford Center, achieving net rents in the mid to upper teens.