625 Marquette Avenue
Minneapolis, MN
Northstar Center is 637,000 sq. ft. multi-tenant office complex, in the Minneapolis central business district. The property is owned by Trizec Properties, a Chicago-based real estate investment trust (REIT).
Challenge
In 2001, American Express vacated 700,000 sq. ft. of leased space in downtown Minneapolis. Due to this movement, Northstar acquired a 350,000 sq. ft. vacancy. Trizec Properties, the REIT managing Northstar Center, decided to hire Colliers to fill this empty space.
Strategy
The team of professionals at Colliers met with Trizec representatives to gather property information and to create a comprehensive strategy aimed at securing tenants for the vacant space. The team provided research, market analysis, owner representation and lease negotiation services while consistently marketing the space to reach interested and qualified tenants.
Results
From 2002 to 2005, Colliers leased 200,000 sq. ft. to Wells Fargo, 50,000 sq. ft. to Rust Consulting and 30,000 sq. ft. to miscellaneous tenants including Gabriel Degrood Advertising, Greiner Construction and Hanson Lulic Law Firm. The team managed to lease over 300,000 sq. ft. of space in the Northstar Center over a three year period, which exceeded Trizec Properties expectations as this occurred during a period of negative net absorption of office space across the board in Minneapolis.
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