1912 under-renovation building now nearly 90 percent leased
MINNEAPOLIS (April 19, 2011) – United Properties announces that the Ford Center has signed a lease with Olson, one of the top 10 independent, full-service agencies in North America and the largest in Minnesota, for approximately 125,000 sq. ft., in its historic office building in Minneapolis. The building is currently undergoing a large-scale redevelopment. The new Olson lease, together with the recent lease with HGA Architects and Engineers for approximately 83,000 sq. ft., brings the Ford Center to nearly 90 percent occupied.
Creative agency Olson will move more than 300 employees into renovated space on the top five floors of the building at year-end 2011. Chris Rohrer and Sheila Hanson of Jones Lang LaSalle represented Olson in the transaction. Jim Montez and Sonja Dusil, office leasing agents at NorthMarq, represented owner United Properties. Olson also has offices in Chicago and Toronto.
“Olson has been carefully seeking the right space for some time, and historic Ford Center is just the right fit as we continue to grow our agency of the future,” says Kevin DiLorenzo, Olson CEO. “We’re excited to be a part of the neighborhood revitalization going on around Target Field, and now we’ll be able to keep a closer eye on those Twins from our new rooftop deck.”
The renovations, which began in late 2010, will preserve the design of the 1912 building, originally a vertical assembly plant and car showroom built for Ford Motor Company.
“We are very pleased to reach this level of pre-leasing and are excited that the renovated building will be open in fall 2011,” said John Saunders, United Properties. Saunders and Bill Katter are co-leading the project. “United Properties is thrilled to have Olson making Ford Center its Minneapolis headquarters,” said Katter.
Owned by United Properties since August 2007, the 269,000-sq.-ft. office building is 11 stories and adjacent to Target Field and the future downtown light rail and Northstar commuter hub.
Olson is one of the top 10 independent, full-service agencies in North America. The 400-person-strong agency is dedicated to building and activating brand communities by combining insight, ingenuity and accountability. Holistic by design, Olson aims to be the leading brand connection agency in the world by providing brand anthropology and strategy, advertising, mobile, interactive, social engagement, public relations, design, media and one-to-one for the world’s most respected brands. For more information, visit www.oco.com, join us at facebook.com/Olsonagency and follow us on Twitter @Olsonagency.
About United Properties
United Properties, based in Minneapolis, Minn., specializes in commercial real estate development and investment. Since 1975, United Properties has provided development services for the retail, residential, office, medical and industrial sectors. In addition to a large presence in the Minneapolis-St. Paul market, United Properties’ Colorado division develops retail, office and flex office buildings. Formed in 1916, the United Properties investments group acquires, manages, finances and disposes of the company’s real estate investments, which includes nearly 60 office, medical, industrial and retail assets in Minnesota, Wisconsin and Colorado. For more information, visit www.uproperties.com.
Vice President, Marketing Communications