X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

EDEN PRAIRIE, MN-Fingerhut Direct Marketing Inc. has signed a 10-year lease to take the entire 93,146-sf Superior Office Center. The property is a new single-story office building at 6509 Flying Cloud Dr. here, near the intersection of I-69 and I-62.

The company is almost tripling its current space, moving from 35,000 sf about a mile away, citing business expansion and a planned increase in staff. Fingerhut’s lease will begin in June after tenant improvements are completed, says John McCarthy, VP of office leasing with building owner United Properties. He would not give the exact lease amount, but says the average rent for the market is $15 per sf for newly-constructed buildings.

The building was constructed over the former 204,000-sf Physical Electronics corporate headquarters. About 70,000 sf of the building was bought and renovated for Foss Swim School, and the rest was bought by United in 2003 and demolished, McCarthy tells GlobeSt.com. “It was a 1950s corporate building that took up a huge footprint,” he says. “We built the new building speculative based on market conditions. There wasn’t a lot of larger blocks available, yet the area was historically strong for many corporate locations. We got Fingerhut soon after.” The property includes a loading dock and a locker room with showers.

The 16-acre site is in the Golden Triangle business area, a corridor of about a few hundred office and industrial buildings. “The neighborhood is within the Southwest Minneapolis office market, and it’s the largest business park in the region. It’s a high-demand location,” McCarthy says.

Dale Glowa, SVP, led the redevelopment of the site for United Properties. Gerhardt Gliege with the company was the construction manager. BDH & Young is providing interior design for the project.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • 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 © 2020 ALM Media Properties, LLC. All Rights Reserved.