MINNEAPOLIS (06/21/2018) – The 140,000 square foot (sf), skyway-connected building at Nicollet Mall and Fifth Street in Minneapolis, most recently known as Renaissance Square, is undergoing an extensive restoration and the building’s original name, the Andrus, will be restored in celebration of its first owner, John Emory Andrus.
TriCoastal Group purchased the iconic property in 2018 in a joint venture with The Davis Companies. Through a partnership with Cushman & Wakefield, RSP Architects and Stone Real Estate, the building will be repositioned to enhance its street presence, add vibrant retail space and modernize and activate the community spaces. The scope of the renovation includes a new street level façade and retail space, a new tenant lounge, an upgraded lobby, a sophisticated conference facility as well as other amenities. RSP Architects will manage the design and construction on the 11-story building, which will commence in summer 2018 and is expected to be complete by early 2019. Cushman & Wakefield is providing leasing, property management, engineering and construction management services with a team that includes brokers Mark Stevens and Peter Armbrust, property manager Ryan Moore and construction manager Tom Smith.
Under TriCoastal Group’s leadership, The Andrus name has been restored and a new brand experience has been created to allow tenants and visitors to experience a “classic, refashioned” theme.
“We’re thrilled to be re-energizing a Minneapolis landmark,” said Brian Lipson, managing principal of TriCoastal Group. “Together with an exceptional team, we’ve uncovered some notable building history that has inspired us to rejuvenate its original pioneering spirit for today’s workers and shoppers.”
The Andrus is currently occupied by leading tenants such as WSP, Sedgwick, Cue Inc., Genus Technologies, Fastbridge, CBX and DLR Group.
“We believe the property improvements will offer tenants something new – an amenity-rich, technology-driven environment with vibrant retail energy and historic charm. Best of all, its unique position at the intersection of Nicollet Mall, the skyway and light rail give it unmatched visibility and accessibly to the greater market,” added Pam Adamian, senior vice president of The Davis Companies.
Not only is the 520 Nicollet address in the heart of the CBD, the building is also at the center of a vibrant new neighborhood emerging as a residential hotspot. 784 apartment units, mostly brand-new, are within one block of the building, and another 370 units are under construction within four blocks. Four hotels are within a block of the site, two of which recently opened.
About The Andrus
Opened in 1898, The Andrus is the oldest building on Nicollet Mall and, when constructed, was considered a skyscraper by 19th century standards. The building’s name and history started with its original developer and legendary businessman, John Emory Andrus (1841-1934). The building was known as “The Andrus” for nearly a century until it was renamed Renaissance Square in connection with a renovation in the 1980’s. Over the years the building has had a storied past, with long term tenants such as E.G Barnaby and Co., a successful men’s department store, and its upper levels have been occupied by many notable Minnesotans including two Vice Presidents of the United States. Its underground parking structure was once used as a horse stable. Click here to view the property’s new brochure.
About John Emory Andrus
John Emory Andrus (1841-1934) was a world-renowned businessman, Mayor of Yonkers, a U.S. Congressman in New York’s 19th Congressional District, a philanthropist that founded the SURDNA Foundation (Andrus spelled backwards), one of the largest of its kind still in existence. He acquired the nickname “The Millionaire Straphanger” because, despite his wealth, he rode the subway every day until he was 85 years old (subways used hanging straps for passengers in his time). Mr. Andrus’ brilliant investing and philanthropic contributions (roughly half of his wealth was donated to charitable causes on his passing) made a positive impact across the country, but his accomplishments were especially notable in the Twin Cities. His development of The Andrus’ brick and terracotta building transformed the Minneapolis landscape. His family continued to influence Twin Cities real estate; in 1899 his daughter, Margaret Palmer Andrus married Sam Thorpe (1864-1936), one of the well-known Minneapolis twin brother developers that dominated Minneapolis real estate for over 50 years. The Thorpe Brothers developed the famous Edina Country Club area (previously called Thorpe Country Club) and through Sam’s leadership of a local real estate association, the term “realtor” was introduced and universally adopted.
About TriCoastal Group
TriCoastal Group invests in commercial properties in top tier U.S. markets. Founded in 2008, its principals, Brian Lipson and Kate Began, originally began working together at TrizecHahn Office Properties Inc, the predecessor to Trizec Properties Inc. (NYSE: TRC) Mr. Lipson, as CIO, and Ms. Began, as a senior investment officer, were instrumental in repositioning and growing the company to make it one of the nation’s largest publicly traded REITs, positioning it for its successful sale to a venture of Blackstone and Brookfield Properties. The company sources, structures, acquires and operates office and mixed-use properties primarily located in the urban infill submarkets of major US cities. It does so through joint ventures with institutional and high net worth investors. It also advises a select group of clients on investment and real estate capital markets strategy. www.tricoastalgroup.com
About The Davis Companies
The Davis Companies is an integrated real estate investment, development and management firm headquartered in Boston that has invested more than $4 billion in gross asset value through real estate equity, debt and fixed-income securities. A combination of capital markets, development and management expertise allows The Davis Companies to nimbly tackle complex opportunities. Directly and with its value partners, The Davis Companies currently owns a real estate portfolio of approximately 12 million square feet of office, multifamily, retail, hospitality, light industrial, healthcare and bioscience properties across Eastern United States. For further information, please visit thedaviscompanies.com.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, advisory and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Adam Rae Voge