EDEN PRAIRIE, MN-Univita Health, based in Scottsdale, AZ, has consolidated about 120,000 square feet of office space here from three buildings into two facilities in the Twin Cities region, according to NorthMarq officials. The senior living program provider recently agreed to a seven-year lease extension and an expansion to 77,000 square feet here at 11000 Prairie Lakes Dr.
The company had 51,000 square feet here, and upped its floor space by 26,000 square feet, somewhat less than the firm’s recently-vacated 35,000-square-foot lease in Brooklyn Center, MN. A third lease for 40,000 square feet in Woodbury, MN will remain, says Mark Houge, Northmarq SVP.
“The company stepped back and looked at its planned operations, and tried to be strategic about real estate decisions,” Houge tells GlobeSt.com. “They had three offices spread across Minnesota and Wisconsin, and it just made sense to close the Brooklyn Center location.”
Many companies throughout the Twin Cities are going through similar real estate planning, Houge says. “Many companies that are contracting are ending up with excess space. Firms are downsizing as opposed to increasing space needs,” he says.
To help, Houge says he talked to the Univita executive leadership about making sure their real estate goals are closely with business goals and objectives, instead of the grow-grow-grow plans of the mid-decade. “Companies are now more forward-looking in real estate decisions, though it’s hard to predict what future needs will be. You want to really think about the space needs, but also about flexibility in case it becomes time to grow again,” Houge says. He was assisted on the Univita moves by Josh O’Neill.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.