BLOOMINGTON, MN-The technology company Avtex has signed a lease for 15,000 square feet at Northland Center, a 460,000-square-foot office complex here. The company is moving from the same amount of space at SouthTech Plaza across town, though its current digs include showroom space.
With the lease and two recent extensions, owner United Properties said the two 230,000-square-foot office buildings are 87% occupied. Tenant Forward Hindsight extended and expanded its lease into 2,500 square feet, and tenant Inetium extended its lease into 16,300 square feet. Bill Rothstein and Dan Wicker with NorthMarq represented UP in all three transactions.
Rothstein said he couldn’t comment on the lease rates or terms for the above transactions, but said the asking rate is $12.50 per square foot. “Activity has picked up from a year ago, but vacancy is still hovering over 20% in the region. There is still a lot of competition out there for tenants that are looking, including a lot of concessions,” Rothstein tells GlobeSt.com.
Prior to a recent interior and exterior renovation project, the 29-year-old complex was named the Northland Executive Office Center. The building also recently earned the US Green Building Council’s LEED Silver certification for Existing Buildings: Operations and Maintenance.
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