Hines JV Continues to Attract Tenants at Minneapolis Project

Rendering of North Loop Green. Image courtesy of Hines

Alternative investment company Värde Partners has signed a 12-year lease for approximately 28,000 square feet of office space at North Loop Green, a mixed-use project under construction in downtown Minneapolis. The company will relocate its office from the AT&T Tower, with the move scheduled for March 2025. JLL negotiated on behalf of both parties.

Hines, together with partners AFL-CIO Building Investment Trust and Marquee Development, are the owners and developers of North Loop Green. The project, which is expected to be completed in the first quarter of 2024, is partially financed by Hines U.S. Direct Investments, a private placement program offering financial professionals development opportunities. The development team also includes ESG Architects as the project’s designer.

In December 2022, Hines inked a 15-year lease with Piper Sandler & Co. for 133,000 square feet of office space at North Loop Green. The investment banking firm will anchor the property.

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Located at 350 N. Fifth St., the project will comprise a 14-story building, which will include 350,000 square feet of office space with 28,000-square-foot floorplates and 17,000 square feet of retail space, as well as another 36-story building, which will include 350 luxury apartment units, 100 hospitality units and 15,000 square feet of dining capabilities.

Common-area amenities will feature a swimming pool, sauna, fitness center, outdoor lounge, terrace with locker rooms and sky lounge, all located on the office building’s rooftop. Additionally, the mixed-use project will include The Green, a 1-acre green space that will host year-round artistic, community-based and cultural events and offer direct access to Cedar Lake Trail.

JLL Senior Associates Laura Farrell and Teig Hutchison and Managing Director Brent Robertson represented the future tenant. The landlord was represented by both Hines and JLL.

Hines makes progress on office pipeline

Hines continues to move forward with several office projects across the country. In April, the company, together with Ivanhoé Cambridge and McCaffrey, topped out a 235,000-square-foot mass timber office development in Denver. T3 RiNo is planned as a fully recyclable, renewable and non-toxic building. The project is expected to be one of the most sustainable and environmentally friendly projects in that city.

The building is part of Hines’ T3 line of office properties, which focus on incorporating the use of timber, new tech innovations and transit efficiency. In May 2022, Hines broke ground on another T3 project, T3 Eastside, a mass timber mixed-use project in Austin.