HealthPartner has signed a new long-term lease with St. Paul, MN-based McGough to occupy all of the 445,000-sf 8100 building.
The facilities were bought from Fortune Funding, a New York-based real estate investment partnership. The deal was financed by US Bank. McGough did not disclosehow much it paid for the property.
The redevelopment plans include a complete replacement of the 8100 building's curtain wall and upgrades in the security and elevator systems. McGough's long-term plans for the campus include a light rail transit station and may involve both hotel and additionalclass A office developments. Renovating the building for HealthPartner is a challenging redevelopment project, according to Tom McGough Jr., an executive withMcGough Development.
Russ Nelson and Tina Hoye, both principals in the Minneapolis-based real estate consulting firm Nelson, Tietz & Hoye, represented HealthPartner in the deal. Nelson says the rental deal was "highly competitive" given the property's "location and new buildingimprovements." McGough Development is part of St. Paul, MN-based McGough Cos., which provides planning, development, construction and property managementservices.
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