The deal will help push up occupancy rates in the office tower of the World Trade Center complex to 80%. Including the atrium portion of the complex, which is being converted from retail to a mix of retail and office, the complex has an occupancy rate in the high 60% level, says Jim Gearen, head of the Minneapolis office of Zeller Realty, which owns and manages the World Trade Center.
"It looks like the Downtown St. Paul market is starting to turn around," Gearen says. A recent office market report from United Properties shows that the Dwntown office market has vacancy rates in the 20% range.
Fiduciary Counseling is moving out of space in the First National Bank building Downtown, where it had been a tenant for about 70 years. The firm, which is expanding its offices, will be taking space on the 20th and 21st floors of the office tower, according to Gearen.
The terms of the lease were not disclosed.
Ed and Tom Braman of Minneapolis-based Braman & Associates represented the tenant, while Mike Wilhelm of Zeller represented the landlord in the deal.
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