A West End office building that recently completed a total makeover has drawn three tenants to take up most of its vacant space.
CoBank, Magnet 360 and nVent signed leases during the first quarter of 2018 to take 120,000 square feet in the 198,939-square-foot West End Center at 5100 Gamble Drive in St. Louis Park, according to a news release from the Twin Cities office of Cushman & Wakefield. The three companies will relocate later this year from other Twin Cities locations to the seven-story building.
Peter Fitzgerald, Bill Rothstein and Tom Sampair of Cushman & Wakefield represented the owner in the transactions, which is an investment group led by the St. Louis Park-based Excelsior Group.
The building renovation — completed by Minneapolis-based Greiner Construction in December — required the owners to empty the top five floors of the building. Bloomington-based Health Partners remained in place and will continue leasing the first two floors of the building, Fitzgerald told Finance & Commerce on Monday.
nVent, a recently formed company related to Minneapolis-based Pentair’s electrical business will move this week from The Colonnade building at 5500 Wayzata Blvd. in Golden Valley. The company will occupy 60,000 square feet on the sixth and seventh floors.
CoBank, a cooperative bank, will move from the Metropoint building at 600 U.S. Highway 169 in St. Louis Park into 30,000 square feet on the fourth floor of West End Center. The company’s move is scheduled for July.
Magnet 360 will move in December from 5757 Wayzata Blvd. in St. Louis Park into 30,000 square feet on the fifth floor of West End Center. The company is a sales and marketing strategy and services provider. The leases the three companies signed run between seven and 10 years, Fitzgerald said. The third floor of the building remains available for lease, he said.
West End Center is part of the six-building, 560,000-square-foot West End Office Park. The park is now more than 90 percent leased. That is up from 69 percent three years ago. The park’s owners renovated all six buildings.
The office vacancy rate in the Interstate 394 submarket, which includes the West End, was 11.7 percent in the first quarter of 2018, according to the most recent statistics from the Minneapolis office of CBRE.
The renovation project re-skinned the West End Center façade in two portions, and glass curtainwalls were added, according to Cushman & Wakefield. Existing window openings were expanded to allow for maximum light.
Interior improvements include a new lobby with “third workplace” area, the renovation of the building’s 12 restrooms and re-engineered mechanical systems. West End Center is connected by a climate-controlled corridor to West End Plaza.
April 30, 2018 | By Finance & Commerce | Original Article