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LaSalle Pays $98M for Minneapolis’ Mayo Clinic Square

| Commercial Real Estate News, Deals, Mixed-use, Office| Views: 378

 

The 222,000-square-foot building formerly known as Block E in downtown Minneapolis has found a new owner in LaSalle Investment Management. The Chicago-based company reportedly shelled out $98 million for the property, which underwent a number or repositioning efforts throughout the years, in an effort to attract tenants.

LaSalle’s latest portfolio addition is conveniently located directly adjacent to Target Center, within the Warehouse District of Minneapolis’ Central Business District. The Class A mixed-use complex situated at 600 Hennepin Ave., right in the heart of the Minneapolis office market, was originally developed as a vertical mall. In 2015, the property underwent a $50 million redevelopment that transformed the building’s exterior design, interior layout and most of the tenant spaces.

Images courtesy of Yardi Matrix

Mayo Clinic Square shares a city block with the Loews Hotel and incorporates a 531-stall parking garage and three large digital billboards. The four-story building houses medical office, traditional office space, specialty space and ground-floor retail, and is 96% leased to high-profile tenants including Mayo Clinic, HDR, Link Snacks and Taylor Sports Properties—parent to the Minneapolis Timberwolves and Lynx. The building’s ground level houses Starbucks, Jimmy Johns, Kieran’s Irish Pub and City Works.

“The Warehouse District is undergoing transformative change that continues to make this area increasingly relevant to tenants and local residents, and Mayo Clinic Square represents a key driver of this evolution,” David Schreiber, managing director of acquisitions at LaSalle, said in a statement. “The building’s synergistic mix of high-quality tenancy and onsite amenities within immediate proximity to local attractions, mass transit and readily available parking will help drive overall asset performance.”

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