The Opus Group® Plans to Construct New Office Building on Nicollet Mall
Xcel Energy Will Occupy Building to Consolidate its Downtown Campus
MINNEAPOLIS, June 19, 2012 /PRNewswire/ -- Opus Development Corporation today announced plans to construct a nine-story, 212,000-square-foot office building on the southeast corner of Fourth Street and the Nicollet Mall. Xcel Energy, whose corporate headquarters are immediately across the street from the new building site on Nicollet Mall, will be the building's sole tenant as the company consolidates office space into a two-building downtown campus. Construction will begin in 2014, pending all necessary approvals, with occupancy in 2016.
Ben Fowke , chairman, president and CEO of Xcel Energy, said the new building will improve operating efficiency for company employees who work downtown and enhance the vitality of the downtown area. About 1,500 Xcel Energy employees are currently based at the company's 414 Nicollet headquarters and in other leased space downtown. "Downtown Minneapolis is our headquarters, and we plan to remain here for the long-term," Fowke said. "Leasing space in this new building is a prudent, cost-effective way to consolidate our operations, meet our future space requirements, and create a great environment for our employees. It also underscores our commitment to our partnership with the city and its business and community leaders to revitalize downtown Minneapolis."
"We are delighted to be working with Xcel Energy and the City of Minneapolis on this exciting development project, which will be instrumental in the continuing vitality of downtown Minneapolis and the redevelopment of the north end of the Nicollet Mall," said Dave Menke , senior vice president and general manager, Opus Development Corporation.
"The investments in transit and other amenities that we have made in downtown Minneapolis help employers attract and retain talent here, which in turn helps grow the economic engine of Minnesota," said Minneapolis Mayor R.T. Rybak . "I thank Xcel Energy for their vote of confidence in downtown, congratulate Opus on the opportunity to redevelop this important site, and look forward to even more vitality in downtown Minneapolis."
The planned Xcel Energy office building is adjacent to the Nicollet Residences, a new high-rise apartment building that Opus Development Corporation is also developing on the adjacent site. Opus expects to begin construction on this project later this year. The new Xcel Energy site is currently a private parking ramp that was constructed in the 1960s.
Nelson Tietz & Hoye represented Xcel Energy on the lease negotiations.
Opus Design Build will be responsible for construction, and Opus AE Group will be the architect of record. The building will be owned by an affiliate of The Opus Group.
About The Opus Group
The Opus Group® is a family of national commercial real estate companies headquartered in Minneapolis, with expertise in development, project management and construction, architecture and engineering, finance, sales and leasing. The Opus Group includes Opus Holding, L.L.C. and Opus Holding, Inc. and their operating subsidiaries, Opus Development Corporation, Opus Design Build, L.L.C. and Opus AE Group, Inc. Specializing in office, industrial, retail, residential living, institutional and government projects, The Opus Group has broad capabilities, deep experience and a proven design-build model that delivers solutions for customers on time and on budget. For more information, visit www.opus-group.com.
SOURCE The Opus Group
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