Alliant, an aerospace and defense company, reportedly moved its headquarters to the new building for a 15-year lease. Guy Arnold, president of DCT, said in a statement that the term ensures a stable cash-flow stream, with very attractive pricing. "(This) submarket is one of the top performing and most desirable submarkets inn Minneapolis," Arnold said in the statement about the deal. The lease rate paid by Alliant was not provided. Average class A rates for the area are at $27.36 per sf, according to a Grubb & Ellis third quarter market report.
In an SEC filing, the trust said it is buying the 7-acre property using proceeds from public and private offerings. The Denver REIT owns 74 properties totaling about 12 million sf.
The building was designed as a spec project, but was developed as a build-to-suit for Alliant, according to the TOLD Web site. The three-story office has amenities such as a café, fitness center, conference center, environmental features and a 120-stall parking deck. Officials with TOLD and DCT refused to comment for this story. Tom O'Brien and Terry Kingston, both with Cushman & Wakefield, reportedly represented TOLD in the transaction.
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