Minneapolis-based nonprofit McKnight Foundation is picking up stakes in 2025, but it’s not moving far. On Monday, Transwestern Real Estate Services announced that McKnight has signed a new lease at 921 Washington Ave. S. in downtown Minneapolis. Transwestern represented the building’s ownership in the deal.

The new 50,000-square-foot office is just blocks away from McKnight’s current location above the Mill City Museum, where the nonprofit resided for two decades. Though plenty of organizations have downsized their office footprint in the hybrid era, McKnight’s new spot is larger than its existing 38,577-square-foot space. A Monday news release issued by Transwestern said that McKnight “found it necessary to expand its offices.”

Established in 1953, the McKnight Foundation is an influential nonprofit that provides funding for the arts, neuroscience, climate change mitigation measures, and “vibrant and equitable communities.” The foundation welcomed its current president Tonya Allen in 2021.

The new space is owned by STF Holdings LLC.

The McKnight Foundation will take over the space in February 2025 after the building’s current tenant, advertising agency Periscope, moves out.

The building will undergo significant renovations in preparation for the McKnight Foundation’s move, according to the press release. Updates will include a new HVAC system to reduce onsite energy, a private parking lot with new electric vehicle charging stations, exposed ceilings for natural light, and amenities like a coffee bar and cafe for employees.

“The McKnight Foundation is a vital organization and will energize both the area and the building,” said Transwestern managing principal Mike Salmen in the release. “Keeping an institution like this in downtown Minneapolis is a big win for the city, and we are very pleased they have made a long-term commitment at the property.”