Downtown Minneapolis Office Market

[adam.voge]

Perkins and Will is moving out of the Essex building and moving into IDS Center. This is big news for me cause I'll be touring in the summer

http://finance-commerce.com/2015/05/per ... ds-center/

PS: Adam, is this a bigger space than their Essex space?

Let me check on that.

[grant1simons2]

Only reason I ask is because this is a very interesting space. It looks right over TCF where P+W is working with Franklin St prop. As you already knew. Also if it's a bigger space I would assume there may be chance for expansion.

[adam.voge]

Only reason I ask is because this is a very interesting space. It looks right over TCF where P+W is working with Franklin St prop. As you already knew. Also if it's a bigger space I would assume there may be chance for expansion.

Answer on this -- they're going from 11,832 square feet to 11,680 square feet.

[grant1simons2]

Ah. So the speculation was off. That's a very small difference.

[Wedgeguy]

Was reading today in a past FC that the city of Mpls is working on historic studies on two of the 60's/early 70's city office across from the WF Data center on 3rd. They are now close to being able to be possibly being designated as historic. Part of the article talks about the city's need to update their office space or to consolidate into one or two buildings. If they consolidate into one building, the older buildings would be put on the market and if they can save some of the 60's architecture. They are very dated and I'm sure that they need major upgrade on every level. Whether they can get enough tax credits for a private developer to update and come up to the current codes. Problem with the building is that they are not design for todays open concepts, they are not huge buildings to spread out redevelopment costs, There is a lot of exterior glass and spandels that would need to be replaced with more energy efficient replicas or HPC approved replacements. They have studies going on right now so we hopefully may hear more in the next few months.

[Nathan]

That's good news, I love those two buildings! Obviously some work needs to be done, but I feel they'll be a valuable resource in the future.

[seanrichardryan]

A lot of 'older' folks remember it as the place where they received their Polio vaccine. It really is a cool structure with nice open floorplates.

[seanrichardryan]

[LakeCharles]

Looks like the National Marrow Donor HQ that people were lambasting as suburban office park.

[PhilmerPhil]

Speaking of the Public Service Center, here's a construction update from a few years ago, sorry for posting a little late. Looks like the'yre up to the 5th floor now. It's coming along nicely:

[grant1simons2]

'Gotta go to the Auto Show!!!'

[Silophant]

Wow, CenturyLink looks totally different without the microwave antenna structure.

[Wedgeguy]

The city want to be able to draw the younger professionals, but those professionals don't want to work in tired old dumps. I'm all for saving these buildings, but they really need major updating to keep them competitive with other office space, even some class C space is better that the tired interior/exterior of these buildings.
The city says that wants top talent and they know that they have to step up the work environment to get that talent to stay and help the city to stay completive. Finally the city is seeing the light!!

[grant1simons2]

This would include the City of Lakes building correct? I mean it's an interesting building on the side facing onto 2nd, but other than that it's just a 3 story marble structure with skinny windows. Plus 1/3rd of its property is surface parking.

[Wedgeguy]

This would include the City of Lakes building correct? I mean it's an interesting building on the side facing onto 2nd, but other than that it's just a 3 story marble structure with skinny windows. Plus 1/3rd of its property is surface parking.

You are correct, that is the second building that they are looking at also. That is considered the City Campus from what I read. Will be interesting to see how the addition to the Holiday Inn Express will play with that open space in between those two buildings. The City of Lakes Building I believe is the newer of the two and was built in the late 60s'/early 70's. But yes both are being studied for historical significance or adaptive reuse. The city can still decide to stay and fix the building themselves and reuse them. That is what these studies are for, the best route to go.

[EOst]

Plus 1/3rd of its property is surface parking.

It doesn't look as though either of the buildings have much in the way of windows looking out onto that parking, though, so it'd be easy to imagine that going away.

[TroyGBiv]

They should have saved the old Minnegasco Building.

[Wedgeguy]

They should have saved the old Minnegasco Building.

I agree, that was worth saving!! It was one of the best of that eras buildings, but the site was worth more than the history.

[Nick]

Huh, this probably isn't great, right?

http://www.bizjournals.com/twincities/b ... fices.html

Canadian Pacific offers all of its space in Canadian Pacific Plaza

Canadian Pacific has hired CBRE Group to market for sublease all of its 92,289 square feet in the downtown Minneapolis office tower that has bared its name since 2012.

Calgary, Alberta-based Canadian Pacific (NYSE: CP) is "looking to consolidate" some of its space in Canadian Pacific Plaza (120 S. Sixth St.), spokesman Salem Woodrow said. The company offered all of its space because "we do not know which floors might appeal to a prospective lessor," but didn't say how much space the rail company plans to keep.

[...]

[Silophant]

That's awful. It should say "office tower that has borne its name since 2012."









CP downsizing is probably bad news too.