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Target Bolsters Downtown Office Market

MINNEAPOLIS-The locally based discount retailer has some 3.5 million sf in Downtown alone. The giant also attracts vendors to open offices nearby, and its growth shows no signs of slowing down.

By Jim McCartney | Updated on July 28, 2005

MINNEAPOLIS-The growth in office space of Target Corp. has played a large part in stabilizing the Downtown office market. A recent example is the locally based discount chain’s decision to lease 73,000 sf of office space at City Center Downtown. The building’s third floor, once home to a food court, is now entirely filled with offices, and Target will take part of the second floor as well. Overall, the expansion gives Target well over 300,000 sf at City Center alone, says Jim Montez, a senior associate for Bloomington-based United Properties.

When Target moved into its two new corporate-owned headquarters buildings at S. 10th St. and in the Nicollet Mall with more than two million sf several years ago, some wondered if the retailer would be ever return to the multi-tenant building market, Montez says. He estimates that Target has about 3.5 million sf of office space overall Downtown, counting its recent deals, and the growth seems likely to continue.

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