New Tenants Lease 30,000 SF in 400 Building

"Tenants are drawn to the 400 Building because it provides a professional, corporate environment with all the amenities that implies," says John Lund,director of facilities management for Minnesota Life. "But our rates are competitive and very attractive to professional firms."

The building is owned and operated by Minnesota Life Insurance Co., one of the largest property owners in Downtown St. Paul. Welsh Cos., including senior associate Craig Lien, is the rental agent for the 400 Building. Also, the St. Paul Area Chamber of Commerce recently moved into 10,000 sf of space on the ground floor of the 560,000-sf 401 Building across the street, also owned and operated by Minnesota Life.

The 400 opened in 1982 and has housed Minnesota Life's growing operations since then. In the mid-90s, it became clear the company needed more room, leading to for the 401. At first, the company was going to rent the extra space in the 401 but gradually fill it withits own people over time.

"But when the 401 was ready for occupancy, the economy had taken a dive and that space was too expensive for the market," says Maggie Jensen, company spokeswoman.

"So we moved our own people into the 401 (which we built for ourselves anyway) and started marketing the 400."

Between the two buildings, Minnesota Life still has 120,000 sf available, Jensen says. Jensen adds her company is willing to move its employees from the 400 to the 401 if a prospective tenant needs more space than is currently unoccupied in the 400.

Jensen said that tenants like the corporate environment on our campus and all the amenities that implies, including stringent security, a cafeteria, T3 lines for data transfer, a top-notch maintenance team, low operating costs, and help with moving.

"However, we go to great lengths to make sure they don't feel overshadowed by Minnesota Life," she says.