MINNEAPOLIS (04/30/2018) – Cushman & Wakefield, a leading global real estate services firm, today announced that three tenants have signed new leases this year totaling 120,000 square feet (sf) at West End Center, a seven-story, 200,000 sf building at West End Office Park in St. Louis Park’s popular West End submarket.
Peter Fitzgerald, Bill Rothstein and Tom Sampair of Cushman & Wakefield represented an investor group in transactions with nVent, CoBank and Mindtree Limited to fill all but one floor at West End Center, which abuts Highway 100 on the east side of West End Office Park. The investment group includes The Excelsior Group, its affiliate investment fund Opportunity Partners Fund IV and Goldman Sachs Asset Management Private Real Estate (GSAM PRE).
“This group of new leases is a testimony to our diligent and creative work at West End Office Park,” said Chris Culp, CEO of The Excelsior Group. “West End Office Park offers contemporary design, a complete array of walkable amenities, first-class property management and programming, and immediate access to downtown Minneapolis with the transportation and parking flexibility of the suburbs. We have known this since before we acquired the property three years ago and are gratified that now tenants are recognizing the West End as among the best live-work-play locations in the Twin Cities.”
New transactions include:
- nVent, a newly-formed company related to Pentair’s electrical business relocating from The Colonnade in Golden Valley. The company will occupy the sixth and seventh floors totaling approximately 60,000 sf.
- CoBank, a national cooperative bank whose Minneapolis office is relocating from Metropoint in St. Louis Park. The company will occupy the fourth floor totaling approximately 30,000 sf.
- Magnet 360, the Mindtree salesforce practice, providing engagement strategy and salesforce expertise relocating from 5757 Wayzata Blvd. in St. Louis Park in the fall of 2018. The company will occupy the fifth floor totaling approximately 30,000 sf.
“We believe that the West End Office Park is a differentiated asset due to its desirable location, broad set of amenities, and high quality upgraded finishes,” said Joseph Sumberg, Managing Director at Goldman Sachs and co-head of GSAM PRE. “We are ecstatic with the market reception to the property’s renovation and re-introduction to the market.”
West End Office Park is comprised of six buildings totaling 560,000 sf. After the most recent leasing activity, the park is 90 percent leased, a dramatic increase from just 69 percent three years ago. Only 30,000 sf on the third floor remains available for lease at West End Center.
The leasing activity has been driven largely by a recent renovation of the park that included a complete transformation of West End Center. The West End Center façade was re-skinned in two portions and glass curtainwalls were added. Existing window openings were expanded to allow for maximum light, and several improvements were made to the interior, including a new lobby with third workplace area, renovation of all 12 restrooms and re-engineered mechanical systems. West End Center is connected by a climate-controlled corridor to West End Plaza, the amenity hub for West End Office Park, which also recently underwent a complete design transformation to create an appealing, creative and collaborative office space environment including a comprehensive tenant amenity package. West End Office Park is within walking distance to The Shops at West End, three hotels, three luxury apartment buildings, a grocery store, and other retail amenities.
About Goldman Sachs Asset Management Private Real Estate
Goldman Sachs Asset Management (GSAM) Private Real Estate focuses on investing across office, multifamily, retail, and industrial property types spanning the risk and return spectrum, sourcing opportunities in primary and secondary markets. The group employs an active management approach, often partnering with operators or property managers to renovate and rebrand assets, including by implementing energy and operating efficiency programs to potentially realize cost savings. The group manages approximately $2.0 billion of real estate assets as of December 31, 2017 and is part of GSAM, one of the world’s leading investment managers with more than $1.2 trillion in assets under supervision globally as of December 31, 2017.
About The Excelsior Group
The Excelsior Group (TEG) is a full-service Twin Cities real estate firm offering boutique-level services in the fields of management, real estate investments and advisory services, homebuilder lending, and development.
Current management contracts consist of more than 1.5MM SF of commercial real estate, nearly 4,000 apartment units, including 1,200 under development, 1,500 acres of raw land, and 300 single-family home lots. Further, TEG manages an affiliated family of (6) investment funds, and the principals of TEG have developed in excess of 850,000 SF of office, industrial, retail, multifamily, and residential real estate properties.
For further information, The Excelsior Group Executive Team (Kim Culp, Chris Culp and Ted Glasrud), and Andy Finn are available for comment.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Adam Rae Voge