Minneapolis-St. Paul Chart of the Week | February 10, 2017

Minneapolis-St. Paul Chart of the week: February 6, 2017 Source: JLL Research Over 3 million square feet in the CBD to be repurposed, primarily into creative office • The Macy’s building is among many other buildings in the Minneapolis CBD that are currently undergoing decisions about future usage. Wells Fargo’s move out of Northstar and Baker Block in 2016 has already prompted the consideration of renovation versus conversion into other uses. • Baker Block and the TCF Bank Building are undergoing remodels that will increase tenant amenities and add features more typical of creative office like open floorplates and raised ceilings. • Additional opportunities will hit the market when YMCA relocates its facilities and office operations to Gaviidae and when Art Institutes Macy’s Building 914,000 s.f. Proposed office/retail renovation Available 2019 YMCA 125,000 s.f. Proposed office renovation Available February 2018 LaSalle Building 79,000 s.f. Proposed office renovation Available June 2018 TCF Bank Building 130,000 s.f. Office under renovation Available April 2017 Baker Block 1,042,000 s.f. Office under renovation Available now Northstar East 309,000 s.f. Proposed multifamily conversion Contingent on sale Northstar West 403,000 s.f. Proposed office renovation Contingent on sale Square footage representative of rentable building area (RBA)

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Transcript of Minneapolis-St. Paul Chart of the Week | February 10, 2017

Page 1: Minneapolis-St. Paul Chart of the Week | February 10, 2017

Minneapolis-St. PaulChart of the week: February 6, 2017

Source: JLL Research

Over 3 million square feet in the CBD to be repurposed, primarily into creative office

• The Macy’s building is among many other buildings in the Minneapolis CBD that are currently undergoing decisions about future usage. Wells Fargo’s move out of Northstar and Baker Block in 2016 has already prompted the consideration of renovation versus conversion into other uses.

• Baker Block and the TCF Bank Building are undergoing remodels that will increase tenant amenities and add features more typical of creative office like open floorplates and raised ceilings.

• Additional opportunities will hit the market when YMCA relocates its facilities and office operations to Gaviidae and when Art Institutes International closes its downtown campus in the LaSalle Building.

Macy’s Building914,000 s.f.

Proposed office/retail renovationAvailable 2019

YMCA125,000 s.f.

Proposed office renovationAvailable February 2018

LaSalle Building79,000 s.f.

Proposed office renovationAvailable June 2018

TCF Bank Building130,000 s.f.

Office under renovationAvailable April 2017

Baker Block1,042,000 s.f.

Office under renovation Available now

Northstar East309,000 s.f.

Proposed multifamily conversionContingent on sale