10 West End Now 64 Percent Leased with Radisson Deal
The brand new 10 West End office building is one of the most expensive places to rent office space in the metro. But although the building just opened in January, it’s already 64 percent leased.
In the latest deal, Radisson Hotel Group Americas inked a long-term lease for 36,000 square feet of space. Radisson, currently based in Minnetonka, will relocate to 10 West End in St. Louis Park in January 2022.
Mike Honsa, a principal with the Minneapolis office of Houston-based Transwestern Real Estate Services, represented the landlord in the deal. Honsa said interest in the building remains strong from other prospective tenants.
The net rental rate at 10 West End is $28 per square foot, a top-of-the-market price for office space.
“It’s achieving some of the highest net rents in the Twin Cities,” said Honsa.
As companies everywhere reassess and finalize post-pandemic return to work plans, office brokers are getting busier again.
“What’s interesting is the small to midsized users are really coming out of the woodwork these days,” said Honsa. “That 5,000- to 12,000-foot user is very active in that market right now.”
The building’s web site touts it as “The New Urban.” Located near the intersection of I-394 and Highway 100, 10 West End is just 5 minutes west of downtown Minneapolis. One of the big selling points is that the building is brand new with top-shelf amenities, including a rooftop deck.
Six other companies have previously leased space at 10 West End: Two Harbors Investment Corp., Aerotek, CarVal Investors, HDR, Blackburn Investment Management, and Charlie & Co. Design Ltd.
10 West End is an 11-story, 343,000-square-foot building. The property stands as the first speculative Class A office project to be built in the West/394 submarket in more than 20 years.
The project was developed by Minneapolis-based Ryan Companies US Inc. and the Excelsior Group, based in St. Louis Park. Developers rolled the dice on a speculative project – “spec” in commercial real estate lingo – given the comparatively low vacancy rates for Class A office space in the western suburban submarket.
Home design firm Charlie & Co. left North Loop in downtown Minneapolis earlier this year to lease space at 10 West End. Founding principal Charlie Simmons told Twin Cities Business that he was fed up with safety issues and a lack of political response in downtown Minneapolis.
After taking of tour of 10 West End, Simmons didn’t look back.
“It’s perfect: beautiful brand-new building, very cool design, tons of amenities,” Simmons told TCB of 10 West End. “We were sold after we got a tour.”