MINNEAPOLIS – March 2, 2017 – 601W Companies, a national developer based in New York, has closed on its first acquisition in the Twin Cities with the purchase of the Macy’s property in downtown Minneapolis.
The firm has selected several of its partners for this landmark project including United Properties as a local development partner, The Telos Group as redevelopment consultant and office marketing lead, Transwestern as management agent and Gensler as the lead architect. Additional local partners are expected to be brought on board in the coming weeks.
“We are very pleased to be working on this important mixed-use development in downtown Minneapolis,” said Bill Katter, president and chief investment officer. “Together, this highly-qualified, veteran partnership will ensure the redevelopment not only serves, but also enhances the downtown community.” United Properties will invest in the project, while providing locally based development and repositioning to the ownership group.
“The Macy’s building redevelopment – at one million square feet – will be one of the largest adaptive re-use projects in the region and its importance to the City of Minneapolis is not lost on us,” explains Brian Whiting, President of The Telos Group LLC. “We are not simply redeveloping a building. We are providing unique and progressive environments that draw on the building’s history and combine it with the diverse experiences Minneapolis has to offer.”
Additionally, the Chicago office of Gensler, one of the world’s largest design firms, has been selected to lead the redevelopment planning and design process. Grant Uhlir, a principal with Gensler in Chicago, indicated that the team is “likely to pursue a purposeful renovation of this landmark property with historic tax credits,” in keeping with many similar projects that 601W Companies has previously undertaken with Gensler and Telos in other cities.
The principals of 601W oversee one of America’s leading private real estate acquisition, ownership, development and management portfolios in the country. Over the past 15 years, 601w has acquired a number of substantial and well-known commercial properties throughout the country, aggregating 45 million square feet, with a collective value in excess of $7.5 billion. In relation to these deals, 601w has raised more than $2 billion in equity, mostly from longstanding investors, and has consummated transactions involving 40 major office buildings, including 11 in Manhattan and 6 in Chicago. Visit www.601wcompanies.com
About United Properties
United Properties has been creating deep roots in the commercial real estate industry for 100 years. The company imagines new possibilities in real estate to help strengthen communities and create lasting legacies. United Properties provides market expertise for ground-up development, redevelopment and acquisitions of value-add and stable investments. The company invests in and develops office, industrial, retail, mixed-use and senior housing properties. United Properties is owned by the Pohlad Companies and is headquartered in Minneapolis, with an office in Denver. For more information, visit www.uproperties.com or follow on Twitter at @UPDeepRoots.
About The Telos Group, LLC
The Telos Group, LLC provides marketing, leasing and strategic consulting services for large scale urban office projects in Chicago and Minneapolis as well as strategic consulting for real estate owners nationwide. Telos employs a creative goal driven process to create entrepreneurial solutions customized for each assignment. Telos has been the leader in shaping the evolution of how office space is conceived for today’s businesses. The Company has a portfolio of over 28 million square feet of assignments encompassing historic to trophy buildings owned by entrepreneurial investors to international institutions. To learn more about The Telos Group, LLC, visit www.telosgroupllc.com.
Gensler is a global architecture, design, and planning firm with 46 locations and more than 5,000 professionals networked across Asia, Europe, Australia, the Middle East and the Americas. Founded in 1965, the firm serves more than 3,500 active clients in virtually every industry. Gensler designers strive to make the places people live, work and play more inspiring, more resilient and more impactful. For more information, visit www.gensler.com.
For United Properties