Cigna has been a significant tenant at One Southwest Crossing since 1990, according to CTMT. "They looked at the market and this was the best value for them," Wolfe says, adding that there are few large blocks of available class A space. Most of the larger availabilities are in newer buildings where rates are higher, he explains.
Wolfe adds that the 233,199-sf building, which was 55% vacant when Talcott Realty Investors LLC purchased it in 2004, is now fully leased. Other major tenants at One Southwest Crossing include Compuware, Harmon, H&R Block, and Sony, which also renewed its lease in 2006. Built in 1986 and last renovated in 2002, the building is currently undergoing a common area upgrade as the owner looks to sell.
Financial terms of the Cigna deal were not released. Asking rent for class A space in the southwest submarket is $26.38 per sf, according to a Grubb & Ellis third quarter report. Vacancy in the southwest is 12.4% compared to 15.7% for the Twin Cities. The CTMT team of Wolfe, Anna Engstrom and Gary Glockner represented owner Talcott.
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