Ryan Moving HQ To Downtown East
The Downtown East development in Minneapolis keeps growing.
On Monday morning, Minneapolis-based Ryan Companies US Inc. announced plans to build a new office building and move its own corporate headquarters to the planned project in the emerging Downtown East area near US Bank Stadium. The new 4-story building will be called the Millwright Building; Ryan Companies will occupy 55,000 square feet of the 172,000-square-foot office building.
Ryan’s operations are currently based in 50 South Tenth Street, the former Retek on the Mall building. The company currently leases 63,000 square feet of space. Ryan expects to begin construction in the spring of 2016 and complete the Millwright Building in the spring of 2017. The Millwright Building will be located at the corner of Third Street South and Portland Avenue South in downtown Minneapolis.
Ryan executives weighed numerous options for new space in downtown, but ultimately opted to build their own new building. Ryan will move from the core of downtown Minneapolis to the eastern edge of the central business district.
“We looked at virtually every building that was available in downtown Minneapolis is our size range,” said Collin Barr, president of Ryan’s North Region. “We wanted to be in a smaller building on the periphery of downtown with skyway access.”
The plan will also bring Ryan to the heart of the Downtown East area that will be anchored by numerous Ryan developments, including:
- Two 17-story towers with 1.2 million square feet of office space to be owned and occupied by Wells Fargo. The towers will be complete by mid-2016.
- The three-building Edition apartment complex, with 195 apartments, will be complete in July 2016.
- The 164-room Radisson Red Hotel, which will be complete in the fourth quarter of 2016.
All told, Ryan’s Downtown East mixed-use developments now total about $450 million.
A brokerage team with the local office of Los Angeles-based CBRE Group Inc. will lease the remaining office space at the Millwright Building.
“We have a significant amount of interest, but no other leases,” Barr said.
Twin Cities Business took an in-depth look at how the Downtown East deal came together in its April 2014 issue.
Fundraising is still underway to pay for Downtown East Commons, a planned $22 million park that will stand west of the stadium and across the street from the Wells Fargo towers.