X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ST. PAUL-Fiduciary Counseling recently signed a 30,000 sf lease at the World Trade Center Downtown, and plans to be ready to open its new offices there Jan. 1.

The deal will help push up occupancy rates in the office tower of the World Trade Center complex to 80%. Including the atrium portion of the complex, which is being converted from retail to a mix of retail and office, the complex has an occupancy rate in the high 60% level, says Jim Gearen, head of the Minneapolis office of Zeller Realty, which owns and manages the World Trade Center.

“It looks like the Downtown St. Paul market is starting to turn around,” Gearen says. A recent office market report from United Properties shows that the Dwntown office market has vacancy rates in the 20% range.

Fiduciary Counseling is moving out of space in the First National Bank building Downtown, where it had been a tenant for about 70 years. The firm, which is expanding its offices, will be taking space on the 20th and 21st floors of the office tower, according to Gearen.

The terms of the lease were not disclosed.

Ed and Tom Braman of Minneapolis-based Braman & Associates represented the tenant, while Mike Wilhelm of Zeller represented the landlord in the deal.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.