The 63,000-sf building is about five years old, and was previously occupied by CitiFinancial as a call center. "They moved out in February to a new location a couple of miles away," says Brad Butler with Liberty Property Trust, which owns the building. The rest of the building is available, he says, with an asking rate of $12 per sf.
He says his firm was fortunate to get the deal done, as there's not too many large deals going on in the Minneapolis market. "There's a lot of smaller stuff around, especially in the new class A developments, but those are at around a $17 to $19 per sf range. This kind of flex property weathers the market a little better," Butler says.
Also, the Southwest Minneapolis office market has been kind of slow, Butler says. The Southwest market has the lowest vacancy rate in the area at 12.9%, but that figure will go up because of new product now coming online, according to a second quarter Grubb & Ellis market report.
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