SPS Tower. Picture courtesy of Transwestern
Sumitomo Corp. has signed three new leases totaling 45,000 sq. ft at SPS Tower, its 655,070-square-foot workplace constructing within the Minneapolis CBD. Transwestern Actual Property Providers Vice President Jim Montez and Principal Reed Christianson brokered the agreements on behalf of the owner.
Property legislation agency Kinney & Lange signed a 10-year, 13,000-square-foot lease at SPS Tower and can relocate from its earlier workplaces at 312 S. third St. Cushman & Wakefield Government Administrators Jaclyn Could and Paul Donovan represented tenant within the negotiations.
Insurance coverage consulting firm Mercer, who has been a tenant on the property since 2013, prolonged its present footprint to 24,242 sq. ft, for 2 years. Transwestern Accomplice Kevin Salmen brokered the deal on behalf of the agency.
Navitaire, an e-commerce platform for airways and rail methods, inked a five-year, 8,000-square-foot dedication on the property, with the help of Savills Senior Vice President Bruce Schuman.
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The 31-story, LEED Gold-certified SRS Tower is at present 90 % leased. In line with CommercialEdge, the workplace constructing was accomplished in 1986 and underwent beauty renovations in 2015. Sumitomo picked up the asset in 2019 for $144 million, the identical supply reveals.
Accenture, SPS Commerce, Sturdy Tower Wealth Administration, Goldberger Regulation Workplace, Pine Grove, GS Investments and Churchill Cos. are half the property’s roster, the identical information supplier reveals.
Workplace leasing within the Twin Cities space
Situated at 333 S. seventh St., SPS Tower is linked to the 701 Constructing, Ameriprise Monetary Tower and the Two22 Constructing by skybridges. The property options concierge providers, a health middle, convention middle, on-site parking, in addition to 3,000 sq. ft of retail.
As of February, the Twin Cities market had a emptiness price of 15.5 %, outperforming the nationwide common of 16.5 %, as revealed by the newest CommercialEdge report. Moreover, asking charges throughout the market averaged at $26.1 per sq. foot, a lower of 0.8 % from the earlier yr. The metro ranks among the many prime 5 lowest itemizing charges within the nation.
Earlier this month, KBS Realty Advisors signed a lease with infrastructure design agency HNTB to occupy 15,187 sq. ft at its 60 South Sixth in downtown Minneapolis.
