Many of the recent leases are vendors hoping to maintain or enhance their relationship with the big discount chain, which is building a new headquarters complex nearby. Among the vendors are S.C. Johnson Wax and Playtex Products.
"My understanding is that they will essentially use the space as a showroom to display their products to Target buyers," says Ellen Breyer, vice president of marketing for Minneapolis-based Ryan Cos., the developer of the building at 900 Nicollet Ave.
Across 10th Street from the Retek building, Target Corp. is building a 32-story, 1.2 million sf headquarters tower on the northeast corner of 11th Street and Nicollet Mall, also being developed by Ryan Cos. Target also operates Mervyn's, Dayton's, Mervyn's and Marshall Field's department stores.
Retek, which specializes in electronic business applications for retailers, will occupy about 242,000 sf in the new building, while Ryan will take 72,000 sf. Another eight leases, many of them Target vendors, have been signed for an additional 38,000 sf, Breyer said.
That leaves less than 100,000 sf to be filled and lease negotiations are underway for all of that space, Breyer says. The project was developed on speculation by Ryan, so the company is pleased at the stong demand for space.
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