7. EDSR 11-13-2007 - Laserfiche WebLink

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r _i Market ACTIVITY A Summary of Third Quarter 2007 Twin Cities Commercial Real Estate Market Activity OFFICE MARKET West • Willis of Minnesota plans to occupy 29,000 sq. ft. in Duke's 1600 Tower in St. Louis Park and vacate space at 4000 Olson Memorial Highway in Golden Valley in the first quarter of 2008. • Mortenson Construction will back-fill the vacated Willis space at 4000 Olson Memorial Highway. • Park Place East and West were sold in July by Guggenheim Partners Real Estate to a partnership between Golub & Company and AEW Capital Management. These properties, totaling 387,000 sq. ft., are located on I-394/Wayzata Boulevard in St. Louis Park. The buyers are planning to implement an exten- sive capital plan, including renovating the lobbies, eleva- torsand signage. Major tenants include CDI Manage- ment Corporation and National Arbitration Forum. Southwest • Benfield signed a lease for 1.30,000 sq. ft. at the new, 275,000-sq.-ft. 8200 Tower in Normandale Lake Office Park in Bloomington. Construction on the tower began in October. • CB Richard Ellis will be the lead tenant for the new Two Market Pointe project on the northwest corner of I-494 and France Avenue in Bloomington. The company signed a lease for 80,000 sq. ft. • Told Development has under construction a 100,000- sq.-ft. build-to-suit project for Alliant Tech Systems at 7590 Flying Cloud Drive in Eden Prairie. • General Dynamics signed a lease far 53,000 sq. ft. of office space at Hampshire Avenue Tech Center in Bloomington. South/Airport • AppTec Laboratory Services renewed along-term lease for 62,000 sq. ft. at 1201 Northland Drive in Mendota Heights. • Paychex renewed their lease for 30.000 sq. ft. at Mendota Heights Office Center III. • Champion Air renewed its 30,000-sq.-ft. lease at Riverview Office Tower in Bloomington. Northwest •Dex Media downsized its space to 50,000 sq. ft. and renewed its lease at 6401 Sycamore Court in Maple Grove. The remaining space in this 72,000-sq.-ft. build- ing, which was fully occupied by Dex Media, will now be marketed for lease, bringing this building to the multi-tenant market. Northeast • Secure Computing Corporation expanded by 45,000 sq. ft. at its corporate headquarters site located at Hwy 280 and Energy Park Drive. CSM developed the first phase of 95,000 sq, ft. on the former HB Fuller site in 2005. CSM is also developing the second phase, which is currently under construction. • Internet Broadcasting Systems leased 79,000 sq. ft. at River Bend Business Center, located at Shepard Road and Randolph Avenue in St. Paul. IBS took occupancy in August 2007. • University of Minnesota leased 35,000 sq. ft. in two phases at University Park Plaza located on University Avenue in Minneapolis. St. Pout CBD • Gander Mountain expanded its space at 180 East Fifth Street by 20,000 sq. ft. for a total of 85,000 sq. ft. • NorthStar Capital Market Services Inc. renewed its lease at UBS Plaza for 11,600 sq. ft. and expanded by another 11,800 sq. ft. • UBS renewed and expanded in 18,300 sq. ft. at UBS Plaza. Minneapolis CBD • Law firm Stoel Rizes is expanding its Minneapolis office and has signed a 10-year lease for the entire 42nd floor and half of the 41st floor at 33 South Sixth Street. • PDI will occupy the former Rider Bennet space at 33 South Sixth with a lease for 75,000 sq. ft. on the top three floors of the tower. • Lindquist and Vennum has renewed its lease and expanded into 120,000 sq. ft. at IDS Center, 80 South Eighth Street, with a 10-year term. Medical Office • Ryan Companies US, Inc. completed the 40,000 sq.-ft. Grove Health Medical Building at 9550 Upland Lane North, which is located one block from the planned site of the new Maple Grove hospital. Medical Advanced Pain Specialists (MAPS) signed along-term lease for the first floor of the building, which will accommodate a surgery center, clinic and therapy pool Gillette Children's Specialty Healthcare also signed along-term lease for space on the second floor. The group will operate a physical therapy clinic and a therapy playground at the building. • Mount Development broke ground on the approximately 60,000-sq.-ft. Ridgeview Professional Building at 560 Maple Street in Waconia in September. The building, which is adjacent to Ridgeview Medical Center, is continued on page 6~ httpaloutlook.uproperties.com (5'.