Occupancy at 370,000-sq.-ft. office tower now at 92 percent
MINNEAPOLIS (Nov. 21, 2011) – United Properties announces three tenant expansions and a new lease at Southpoint Office Center in Bloomington, located at 1600-1700 West 82nd Street. As a result, the two-tower office complex is now 92 percent occupied. New tenant Ecologic Analytics, an energy management company, signed a lease for 17,000 sq. ft. and will move into Southpoint in March. Current tenants HealthFitness, Wells Fargo and Marquette Transportation Finance are expanding and relocating within the complex.
Landlord United Properties was represented in the transactions by Bill Rothstein and Dan Wicker from Cushman & Wakefield/NorthMarq.
- The lease with Ecologic Analytics relocates the company’s corporate headquarters from another office tower in Bloomington to Southpoint. Paul Gibbs and Todd Braufman of Cushman & Wakefield/NorthMarq represented Ecologic Analytics.
- Wells Fargo expanded by 9,000 sq. ft. and renewed in their existing lease, bringing their total occupancy to 67,000 sq. ft. starting in March.
- The 18,000-sq.-ft. lease extension for Marquette Transportation Finance recently moved the company to the second floor of the east tower. Cushman & Wakefield/NorthMarq’s Ann Bourg and Josh O’Neill managed the project for the tenant and RJM Construction built out the space.
- Combining its spaces within Southpoint, HealthFitness is extending its lease and moving into 34,000 sq. ft., which includes walking treadmill offices. P. Kane Dossett of Partners National Real Estate Group represented HealthFitness in the transaction. RJM Construction is renovating the space, which will be available for December occupancy.
“These lease transactions are great examples of high quality tenants making strong commitments to Southpoint. The property is always well-leased by great companies due to its excellent quality and central location,” said John Saunders, vice president, United Properties. “With office vacancy at 18.4 percent in the southwest office market, this asset continues to perform well above many other buildings in the submarket.”
United Properties developed Southpoint Office Center, a 366,807-sq.-ft., Class A office complex. The 14-story, two-tower property is certified LEED Silver for Existing Buildings.
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 properties as well as 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.
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