Minneapolis Office Leasing Team Brings Vacant Building To 96 Percent Occupancy Within Two Years Team Negotiates Two Leases for a Total of 23,088 Square Feet
MINNEAPOLIS, May 10, 2013 /PRNewswire/ -- Transwestern's Minneapolis office today announced it negotiated two leases totaling 23,088 square feet, bringing Gateway Corporate Center to 96 percent occupancy. The 60,000-square-foot property, located at 576 Bielenberg Drive in Woodbury, Minn., was vacant at the time Transwestern began leasing it in 2011. Since then, the team has leased 56,000 square feet, including a 20,000-square-foot deal completed last year for the headquarters of SuperAmerica.
Reed Elsevier, an international publishing company, will occupy 12,157 square feet, and 10,931 square feet will be occupied by The Emily Program, a local health services office.
"Class A space is very limited in this submarket," said Mike Honsa, vice president with Transwestern's office leasing team. "We were able to see every potential lease opportunity in the marketplace and secure some top-notch tenants for Gateway."
According to Transwestern's first quarter market report, the St. Paul suburban submarket posted negative absorption of 44,435 square feet, but Woodbury posted 22,648 square feet in positive absorption.
Honsa, Mike Salmen and Dan Mueller represented the building owner, Investment Real Estate Trust (IRET), in the transaction. Reed Elsevier was represented by Eric King of Cushman & Wakefield/Northmarq and The Emily Program was represented by Transwestern.
Transwestern is a privately held real estate firm specializing in agency leasing, property and facilities management, tenant advisory, capital markets, development, research and sustainability. The fully integrated enterprise leverages competencies in office, industrial, retail, multifamily and healthcare properties to add value for investors, owners and occupiers of real estate. Transwestern facilitates better decision-making for clients by combining penetrating local market intelligence and macro-market research through its affiliate, Delta Associates. Transwestern has 33 U.S. offices and assists clients through more than 180 offices in 36 countries as part of a strategic alliance with Paris-based BNP Paribas Real Estate. For more information, please visit www.transwestern.net and follow us on Twitter: @Transwestern. Follow the Transwestern Minneapolis office on Twitter: @TranswesternMN.
Investors Real Estate Trust (IRET) was founded in 1970 and is headquartered in Minot, North Dakota, with an additional office in Minneapolis, Minnesota. IRET owns a diversified portfolio of income-producing properties. IRET's multi-family residential, office, medical, industrial and retail properties are located in 12 states, primarily in the Upper Midwest.
The management and staff of Investors Real Estate Trust is firmly dedicated to the mission of its trustees: creating value for our shareholders. This commitment is evident in the success and growth experienced by IRET over the last 42 years. Assets are $1.9 billion as of the end of the most recent fiscal year.