Värde Partners Plans Move From Downtown to North Loop
Another company has announced it will move its office space from downtown Minneapolis to the North Loop.
Construction of the North Loop Green development on North 5th Street is still underway, but on Thursday, global investment firm Värde Partners announced it has signed a 12-year lease to fill a full 28,000-square-foot floor of the building starting in March 2025. The firm plans to relocate to the North Loop neighborhood from the AT&T Tower in downtown Minneapolis.
The move was announced in a joint news release from North Loop Green owner Hines, along with partners AFL-CIO Building Investment Trust, and Marquee Development.
“Värde Partners has been a proud member of the Minneapolis business community for nearly 30 years, and we are delighted to maintain our roots in the Twin Cities and embrace our new neighborhood in the North Loop,” partner at Värde Partners Jim Dunbar said in the release. “Creating an agile and amenity-filled work environment should provide greater convenience for our employees and help us continue to attract top talent.”
Värde is the third tenant to sign a lease to move into the still-unfinished development. In December, Piper Sandler & Co. signed a 15-year lease covering 113,000 square feet of office space, about a third of the North Loop Green’s total office space. In April accounting firm KPMG announced it would lease 45,000 square feet at North Loop Green, down from the 60,000 square feet it occupies at Wells Fargo Center, according to the Star Tribune.
Designed by ESG Architects and set to open in 2024, the North Loop Green development will offer 350,000 square feet of office space, including exclusive terraces on every floor, flexible workspaces, and a rooftop terrace. The development also features 350 residential apartments, 100 Airbnb-like units, and 15,000 square feet of food and retail offerings. It also will include “The Green,” a one-acre green space that will feature year-round artistic, cultural, and community-based events.
Modeled similarly to the Gallagher Way across from Wrigley Field in Chicago, the development’s green space will use a space that was once a parking lot. Developers have said it will become a “highly activated” space with 200 plus events a year.
North Loop Green boasts about its public transportation access: It’s situated directly across from Target Field where all rail lines connect, including the Northstar commuter line.