Minneapolis, Minnesota
CBRE Global Investors Acquires Creative Office Building in Downtown Minneapolis
08 Sep 2020
A fund sponsored by CBRE Global Investors has acquired the Millwright Building in Minneapolis, Minnesota. The creative office building, located at 533 South 3rd Street in Downtown Minneapolis, spans 173,455 square feet across four stories. The acquisition is part of the fund’s broader strategy to invest in high-quality assets in target office markets across the U.S.
Ranging from 28,000 square feet to 40,000 square feet, the property’s large, open floorplates can efficiently accommodate dedensification efforts, and the building’s low-rise configuration makes all floors accessible via stairways as an alternative to the three passenger elevators. Tenant amenities include first-floor collaborative space, bike storage, locker rooms with shower facilities, onsite parking, Skyway access, and a private tenant balcony. The property, which was built in 2017, is currently 97% leased to three tenants.
“The Millwright Building offers modern, loft-style space that we believe will appeal to new economy tenants and help these businesses attract and retain top talent. The property also gives tenants the necessary flexibility to navigate their needs for office space in a post-COVID-19 era by offering large, open floor plates, high ceilings, oversized windows and accessible stairwells,” said Kim Hourihan, Senior Managing Director and Portfolio Manager for CBRE Global Investors.
Located in the East Town neighborhood, the Millwright building is directly connected to the Minneapolis Skyway, an interlinked collection of enclosed pedestrian footbridges that connect various buildings across 80 full city blocks in Downtown Minneapolis. In addition, the property is located two blocks from public transportation options and offers 60 executive parking spaces in the building, with more than 8,000 public parking spaces located within a three-block radius.
“We believe the particular submarket where the Millwright Building is located is poised for future economic growth,” said Gary Jaye, Senior Managing Director and Head of Commercial Acquisitions for CBRE Global Investors. “The area has benefited from over $2.5 billion in capital investment and development since 2015, including the development of U.S. Bank Stadium and The Commons Greenspace.”
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers.
Ranging from 28,000 square feet to 40,000 square feet, the property’s large, open floorplates can efficiently accommodate dedensification efforts, and the building’s low-rise configuration makes all floors accessible via stairways as an alternative to the three passenger elevators. Tenant amenities include first-floor collaborative space, bike storage, locker rooms with shower facilities, onsite parking, Skyway access, and a private tenant balcony. The property, which was built in 2017, is currently 97% leased to three tenants.
“The Millwright Building offers modern, loft-style space that we believe will appeal to new economy tenants and help these businesses attract and retain top talent. The property also gives tenants the necessary flexibility to navigate their needs for office space in a post-COVID-19 era by offering large, open floor plates, high ceilings, oversized windows and accessible stairwells,” said Kim Hourihan, Senior Managing Director and Portfolio Manager for CBRE Global Investors.
Located in the East Town neighborhood, the Millwright building is directly connected to the Minneapolis Skyway, an interlinked collection of enclosed pedestrian footbridges that connect various buildings across 80 full city blocks in Downtown Minneapolis. In addition, the property is located two blocks from public transportation options and offers 60 executive parking spaces in the building, with more than 8,000 public parking spaces located within a three-block radius.
“We believe the particular submarket where the Millwright Building is located is poised for future economic growth,” said Gary Jaye, Senior Managing Director and Head of Commercial Acquisitions for CBRE Global Investors. “The area has benefited from over $2.5 billion in capital investment and development since 2015, including the development of U.S. Bank Stadium and The Commons Greenspace.”
About CBRE Global Investors
CBRE Global Investors is a global real assets investment management firm with $109.6 billion in assets under management* as of June 30, 2020. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers.