BLOOMINGTON, MN-Valuation Information Technology LLC, a commercial real estate and appraisal firm, has extended to 90,000 square feet in the Riverview Office Tower. The company had occupied 60,000 square feet, and its lease had been set to expire in 2011 at the 15-story building.
The firm, the anchor tenant, is on floors four through seven, as well as some offices on the 10th and 13th floors. This lease expands the firm to floors four and five at the 235,000-square-foot building, said Jeff Hart with NorthMarq. He and Dan Gleason represented the landlord, a partnership of Intercontinental Real Estate Corp. and Golub & Co. The partnership purchased the building in 2005, and Golub is the manager of the property.
The building is a success story, Gleason tells GlobeSt.com, because of the 90% occupancy in a market that’s more than 20% vacant. “The building is sitting pretty good in the market. It was built in 1973, but the partnership has done a great job of upgrading the building,” Hart says. He says he can’t comment on the lease term or rate, but says the average asking rate in the building is $14 per square foot.
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