KBS Inks 49,490 Square Feet Renewal Following $1 Million Renovation Program at 492,514 Square-Foot Class A Office Asset in Minneapolis, MN

Northland Center, a two-building,
492,514 square-foot, Class A
 office park in Bloomington, MN

 

Minneapolis, MN– KBS, one of the largest owners and operators of premier commercial real estate buildings in the nation, announces a renewal at Northland Center, a two-building, 492,514 square-foot, Class A office park located in Bloomington, Minnesota, a submarket in Minneapolis.

 

The agreement was inked by SFM Mutual Insurance Company, which has renewed its lease for 49,490 square feet of space. Northland Center is located at 3500 & 3600 American Boulevard West, Bloomington, Minnesota.

Giovanni “Gio” Cordoves

The transactions demonstrate the enduring appeal of high-quality, well-located, and expertly managed office properties in key markets throughout the country, according to Giovanni “Gio” Cordoves, Western Regional President for KBS.

 

“KBS has seen a consistent pattern of companies discovering that bringing teams together in easily commutable and well-amenitized office space promotes collaboration and company culture that translates into business success,” says Cordoves.

 

“This realization is driving long-term office occupancy in markets nationwide by firms who are focused on being at the top of their game.”

Ryan Pires

The Bloomington submarket of Minneapolis continues to rebound from the pandemic with a 2.70% unemployment rate as of December 2022.

 

 The desire to attract and retain high-level talent in a candidate’s market is fueling a flight to quality there, says Ryan Pires, asset manager for Northland Center and assistant vice president of KBS, who notes that the asset recently underwent nearly $1 million in renovations.

 

“As KBS implemented significant improvements at Northland Center, office users in the area have increasingly expressed interest in this property,” says Pires.

 

 “The renovation plan included refreshing the lobbies of both buildings and the addition of 25,000 square feet of innovative spec suite space—a turnkey solution for start-ups and companies rebuilding their businesses after the pandemic.

 

 "These upgrades have established Northland Center as one of the most desirable office properties in Minneapolis.”

 

Northland Center is a BOMA International Award-winning office asset located along the border of the highly affluent Edina, Minnesota, close to public transportation.

 

. The asset is LEED-Silver certified and has achieved the UL Verified Healthy Building Mark for Indoor Air.

Bill Rothstein

“As ESG grows in importance, office users are increasingly seeking locations like Northland Center, which truly walks the walk as a sustainable property with a positive impact on the environment,” says Bill Rothstein, executive director of Cushman & Wakefield, which represented KBS in the leasing transactions.

 

“KBS’ deep expertise in asset management ensures this property provides the location, amenities and service tenants are seeking in this market.”

 

CONTACT:

Arleeny Escarcega 

aescarcega@thesmartagenc.com

www.kbs.com.