Welsh will handle leasing for the 29-story office tower at Nicollet Mall and 6th Street Downtown, while Hines will continue to own and manage the property, according to Nils Snyder of Welsh Cos. Hines, the privately owned real estate firm based in Houston, developed the class A tower in the summer of 2001.
"Hines typically doesn't go outside," Snyder says. Snyder is one of three assigned to the local office of Welsh Cos. The others are Dick Zehring and Greg Moltumyr.
"We see a pick up in the overall market," Snyder says. "But the market is still challenging."
The 690,000-sf building--about 650,000 sf of office and 40,000 sf of retail--is 85% leased, Snyder says. The building's current office tenants include the Dorsey & Whitney law firm and the Fallon Worldwide advertising agency, Snyder says. The building also contains a six-level, 640-car parking garage, a Kinderberry Hill Child Development Center and a variety of other retail and restaurant tenants, including Nick & Tony's Italian Chophouse, Ike's Food & Cocktails, Chipotle Mexican Grill, Brothers Deli and Caribou Coffee.
Welsh had not had a "Minneapolis presence" in the past, expect for the business it did representing tenants, Snyder says. Welsh will lease 1,500 sf at Fifth South Sixth, enough for the three brokers and one administrative assistant, he says.
Hines entered the local market in 1981 with the development of Pillsbury Center and it also owns and manages Wells Fargo Center and 225 South Sixth. Welsh Cos. is a commercial real estate company that provides a wide range of services and has more than 312 employees.
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