In addition to investing $10 million into common-area capital improvements, the new owners are renaming the four-building office complex Metropoint, the Center for Business. This is the first Minneapolis investment for BPG.
The company has retained Cushman & Wakefield of Minnesota Inc. to lead on-site property management, while Northstar Partners, an independent member of the Cushman & Wakefield Alliance, is assuming leasing responsibilities. Jill Rasmussen, Gordon Hampson and Jason Butterfield of Northstar have been named its exclusive leasing team.
Clint Miller, president of Northstar Partners, says BPG's proposed capital improvement plans are indicative of recent real estate trends. "Today's desired workplace is communicative and collaborative and offers lifestyle as well as business enhancements," he says.
Locally based Shea Inc. has been tasked with designing a master plan for the redevelopment, which will include elevator and HVAC upgrades, refurbished public spaces, improved tenant suites, significant new amenities including new fitness and conference centers, upgraded dining facilities, new landscaping and park signage.
The acquisition consists of four office buildings on 20 acres, including a 20-story tower, one 10-story and two eight-story buildings. Situated on the northwest corner of Interstate 394 and Highway 169, the property is across from the world headquarters of General Mills Inc. in St. Louis Park. Currently 75% leased, Metropoint's major tenants include Wells Fargo, Prudential Financial, Epicor, Allianz Life Insurance Co. and Corporate Benefit Services of America.
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