AT&T Tower Gets Two New Tenants
AT&T Tower has added two tenants within the last week that will together occupy 102,000 square feet-bringing the office building's vacancy rate to about 8 percent.
Reed Christiansen, vice president at the Minneapolis office of CB Richard Ellis, confirmed Wednesday that Chicago-based Nuveen Investments, LLC, and Minneapolis-based Syncada, LLC, have signed leases in the building.
Nuveen signed a 13-year lease and will occupy 54,000 square feet on three floors, 29 to 31, of the building.
Syncada signed a 10-year lease for 48,000 square feet of space on floors 16 to 18.
Christiansen said that the building's recent renovations, which started in October and will be completed by mid-March, played a role in attracting the new tenants. The renovations include the addition of a fully staffed fitness center, a remodeled lobby, and a stairway that connects the ground floor with the skyway level.
The two new tenants bring the office building's vacancy rate to about 8 percent, which is well below the average vacancy rate for Minneapolis office buildings-which was at 17.9 percent at the end of 2010, according to a report released by Cassidy Turley.
According to Christiansen, about 40,000 square feet remains vacant in the building, which will likely be divided up for multiple tenants. Deals are in the works, but Christiansen would not reveal any details about possible tenants that are considering the space.
AT&T Tower is among the largest office facilities in the state based on its net leasable space, which totals 610,972 square feet.