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Carlson Plans Speculative Office Building

MINNETONKA, MN-The 401 building follows on the quick leasing of the neighboring 301 building at the developer's campus here. The new building will have 213,000-sf of leaseable space.

By Jim McCartney | Updated on October 31, 2000

MINNETONKA, MN-After successfully leasing its 301 Carlson Parkwaybuildings, Carlson Real Estate Co.says it will begin construction on a speculative213,000-sf 401 Carlson Parkway office building inMinnetonka.

The quick lease up of the 301 building–it took justfour months–and the fact that there won’t be muchelse coming on line when the building opens in Marchof 2002 bodes well for its prospects, says Matt Van Slooten, managing director ofinvestments for Carlson Real Estate. The building willbe one of the final developments within CarlsonCenter, a 1.7-million sf business campus atthe intersections of Interstates 494 & 394.”When we saw 301 lease up so quickly we felt it madesense to start building, even on a speculative basis,” says Matt Van Slooten, managing director ofInvestments for Carlson Real Estate Co. “We’recomfortable with what we expect the market will looklike when 401 is done.”

401 Carlson Parkway is a five-story twin building to 301Carlson Parkway, which was completed in June of thisyear. The 430,000-sf 301-401 complex will also includean exercise facility and underground parking.Carlson announced earlier this month that Wayzata,MN-based Born, an information technology consultingfirm, would add 28,800 sf to its lease, raising itstotal to 127,000 sf, at 301 Carlson Parkway, makingthe new 213,000-sf building fully leased. Born will bemoving their headquarters from the Boatworks on LakeMinnetonka in March.

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