Ryan Cos. US Inc. and The Excelsior Group have landed their first tenant for the speculative office building they are constructing in the West End.
CarVal Investors, which Cargill Inc. recently sold to CarVal employees, is leasing 35,000 square feet in 10 West End, the 11-story office building under construction in St. Louis Park. The firm will take up an entire floor.
The deal was announced by Transwestern’s Minneapolis office and broker Mike Honsa, who handles leasing at the building.
Ryan and Excelsior broke ground on the project in October. Transwestern said it’s the first Class A speculative office building constructed in the west metro submarket in 20 years. Signing a tenant on March 17, which was well into the COVID-19 pandemic and subsequent stock market declines, is a big win for the project.
“The activity in the West End area, and specifically at 10 West End, has been solid,” Honsa said in a news release. “We continue to see a high level of interest from a variety of tenants and industries. The West End neighborhood is one of the most coveted locations in the Twin Cities, and 10 West End is raising the bar on quality.”
CarVal will make the move from its current home, in Hopkins’ Excelsior Crossings, in the first quarter of 2021, which is when construction will be complete on 10 West End.
Bill Nichols from Corporate Service Consortium represented CarVal.
CarVal manages $10 billion in assets and specializes in distressed and credit-intensive assets. It has 100 Minnesota employees and another 75 in New York, London, Luxembourg and Singapore.