Wells Renews at Metropoint, Loss Coming

MINNEAPOLIS-Wells Fargo Insurance has signed a 54,000-sf renewal and expansion at the main, 20-story tower of the 918,500-sf Metropoint, The Center for Business office park. Philadelphia-based BPG Properties, which bought the four-building property in August for $86 million, says it has leased almost 123,000 sf at the complex since the purchase.

The company needs more occupancy at Metropoint. Brant Glomb, a BPG VP, says that Allianz Life Insurance will vacate about 107,000 sf of the 170,000-sf North Building by the end of this month. “This is creating an opportunity for us to lease almost a full building.”

The property consists of four office buildings on 20 acres, including a 20-story tower of 360,000 sf, two eight-story buildings of 170,000 sf each and a 10-story building at 200,000 sf. 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.