MINNEAPOLIS, (April 9, 2018) – RBC Wealth Management today announced the latest investment in its U.S business: a new, signature U.S. headquarters building in downtown Minneapolis.
The firm, which employs more than 5,000 people across the country, including 1,500 in the Twin Cities, signed a lease at United Properties’ 33-story, one million sq. ft. mixed-use Gateway development, located on 3rd Street South, between Nicollet and Hennepin Avenues. The development gives a nod to the historically named Gateway District, the “gateway to Minneapolis,” which is centered at the convergence of Hennepin, Nicollet and Washington Avenues.
“The city of Minneapolis has been our home for many decades and we look forward to continuing to build our legacy here,” said Michael Armstrong, CEO, RBC Wealth Management – U.S. “Our move to our future home — a sustainably built, state-of-the-art building — will be a symbol of our firm’s growth and commitment to the wealth management business in the U.S.”
Under terms of the agreement, RBC will occupy approximately 310,000 sq. ft. of space in Gateway, which also includes residential condos, a five-star hotel, a fitness center and outdoor pool, street-level retail, underground parking and a private outdoor terrace for RBC colleagues. Building plans also include connectivity to the Skyway system.
“We are honored that RBC has selected Gateway as its new corporate home, and we look forward to working closely with them in the months ahead to deliver an iconic headquarters befitting of their stature as a financial industry leader,” said Bill Katter, president and chief investment officer, United Properties.
“Today’s announcement marks a significant development for this landmark project in downtown Minneapolis, and we are moving forward with confidence on the next steps of the planning process,” Katter said.
Next steps in the planning process include completing the project design and receiving full project approval during the summer of 2018. Katter said he expects construction to begin spring 2019.
The 1,500 Minneapolis RBC Wealth Management-U.S. and RBC Capital Markets employees currently located at RBC Plaza will remain there until the new headquarters location is ready in 2021.
About RBC Wealth Management-U.S.
In the United States, RBC Wealth Management operates as a division of RBC Capital Markets, LLC. Founded in 1909, RBC Capital Markets, LLC is a member of the New York Stock Exchange, the Financial Industry Regulatory Authority, the Securities Investor Protection Corporation, and other major securities exchanges. RBC Wealth Management has $348 billion in total client assets with approximately 1,800 financial advisors operating in 200 locations in 40 states.
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.