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MINNEAPOLIS-Onvoy Inc., a provider of communications and network services, has signed a 49,000-sf, 10-year lease renewal in the 300 building of Metropoint, the Center for Business office park. BPG Properties Ltd., the owner and operator of the park, is grateful for the renewal, as Allianz Life Insurance vacated about 107,000 sf of the 170,000-sf 300 building, also known as the North Building, in February. The renewal keeps the eight-story building at 63% leased.

“We knew when we bought the property a year ago that Allianz would be moving; we knew we had big hurdles when it came to lease up,” says Kelly Gibbel, senior asset manager at Metropoint. “We wanted to make sure we kept the current tenants.” Aetna signed a lease for 43,000 sf in the building in June. Gibbel says the average lease at the complex is between $12 to $16 per sf.

She says the park is 77% occupied, down from June, when it was 80% occupied. BPG acquired the 75% leased, former Interchange Office Park in August 2006 for $86 million, and started a $10-million capital improvement project. The company is refocusing all the entrances to face Ford Road, and putting in new lobbies, small retail shops, conference centers and fitness centers into the four-building, one-million-sf park. Major tenants include Wells Fargo, Prudential and Corporate Benefit Services of America.

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