EDEN PRAIRIE, MN-Cigna Behavioral Health has renewed and expanded its lease at One Southwest Crossing here. With the recent inking of the 111,060-sf long-term lease, the company added about 32,000 sf, says Martin Wolfe, a senior associate with Colliers Turley Martin Tucker in Minneapolis.

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.

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?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

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 © 2024 ALM Global, LLC. All Rights Reserved.