Team Selected To Redevelop TCF Bank Building
The redevelopment team for the TCF Bank Building site was announced Wednesday. It includes Minneapolis-based Ryan Companies US, Inc., as development manager, and Chicago-based Perkins+Will, as lead architect.
Located at the corner of Eighth Street and Marquette Avenue in downtown Minneapolis, the TCF Bank Building will be vacated by Wayzata-based TCF Financial in 2015 when a large chunk of its employees are relocating to Plymouth. In April, the bank told its employees they will be leaving the building—as well as the adjoined TCF Tower—when the company’s lease expires.
Franklin Street Properties Corporation (FSP), which owns the four-story TCF Bank Building, said multiple options are being considered for the proposed redevelopment.
“The workplace is evolving. It’s exciting to be a part of a team actively seeking to deliver the next step in that evolution,” Tony Layne, associate principal at Perkins+Will, said in a statement. “We will draw upon every ounce of that expertise as we work through the process of designing the next great building in the downtown Minneapolis landscape.”
William Friend, vice president and regional director for FSP, said the investment firm bought the building in 2010 because it saw untapped potential in the site.
“Now, with the improving downtown office market combined with TCF’s decision to relocate to the suburbs when their lease expires at the end of 2015, we believe it is an opportune time for optimizing the potential of the location,” Friend said in a statement. “We are excited to move forward with this project and believe we have assembled the best team to bring new life to this strategic corner of downtown Minneapolis.”
Los Angeles-based real estate firm CBRE Group, Inc., will serve as the exclusive leasing agent for the redevelopment.
“The TCF Bank Building, with its tremendous location in the heart of the CBD [central business district], offers the ideal opportunity for FSP to explore, evaluate and deliver to the market a unique office environment designed to deliver to the workplace of the future,” Mark McCary, senior vice president of CBRE Group, said in a statement.