Hines JV Lands Anchor Tenant at Minneapolis Mixed-Use Development

North Loop Green. Image courtesy of Hines.

Piper Sandler & Co. has signed a 15-year lease for 113,000 square feet at North Loop Green, a mixed-use development currently under construction in Minneapolis.

The investment banking firm will anchor the property and plans to relocate its headquarters to the North Loop District building in the summer of 2025. Braman & Associates’s Tom Braman represented the tenant in the lease negotiations.

Hines, alongside partners Marquee Development and AFL-CIO Building Investment Trust, broke ground on North Loop Green in 2021. ESG Architecture and Design is in charge of the project design, while Kraus Anderson is the general contractor. Completion is planned for spring 2024.

The development is rising on a 3.4-acre site at 350 N. 4th St. and will encompass two buildings, connected via a skyway. The taller, 36-story residential building is slated to comprise 100 hospitality units and 350 apartments, while the other, 14-story structure will feature office and retail space. The property will also include a 1-acre green area that will host cultural, artistic and community-based events.

Developing office space across the country

North Loop Green’s office portion will feature flexible workspaces, parking, terraces on every floor, optimized indoor air quality and a rooftop amenity terrace. A wellness center, a rooftop pool, locker rooms, three restaurants and a coworking lounge will also be available for tenant use.

Recently, Hines moved forward on several other office projects that are in various stages of development across the country. Earlier this month, the company topped out One Madison Avenue, a 1.4 million-square-foot office redevelopment in Manhattan’s Midtown South neighborhood. In September, the firm entered the next construction phase of the expansion and preservation of South Station in Boston. The project will create a 51-story, 680-foot mixed-use tower above the transportation hub.

Back in May, Hines also topped out a 60-story, 1.2 million-square-foot office tower in Chicago. Salesforce is the anchor tenant, to occupy 500,000 square feet at the downtown location.