Golub & Co. Inks HQ Lease in Minneapolis
A structural design company is relocating to the two-building office campus.
Golub & Co. has signed a 12,277-square-foot lease at RSM Plaza, a 415,824-square-foot office complex in Minneapolis’ central business district.
Transwestern Real Estate Services worked on behalf of the landlord, while IAG Commercial Real Estate represented the tenant, Meyer Borgman Johnson.
The structural design practice will relocate its corporate headquarters to the 20-story property, with a move-in scheduled for June this year.
Located at 801 Nicollet Mall, RSM Plaza was developed in phases between 1968 and 1971. The property consists of two office buildings known as the West and East Towers.
Close to multiple bus stops as well as to interstates 394 and 94, RMS Plaza is 12 miles from Saint Paul, Minn., and within 14 miles of Minneapolis-Saint Paul International Airport.
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Meyer Borgman Johnson will move from the nearby 510 Marquette Ave. S. to the property’s West Tower, fully occupying the 20th floor. Golub & Co. owns the duo since 2015, when it picked up the asset for $78.4 million, according to CommercialEdge. The ownership completed a $10 million improvement program in 2018 that added multiple upgrades at the property, such as a renovated lobby and the addition of conference rooms and meeting spaces.
RSM Plaza includes floorplates between 12,300 and 29,000 square feet, an on-site fitness center, bike storage and on-site parking, as well as 25,000 square feet of first and second-floor retail space. Other tenants include R.S. Peterson Sales Inc., Groundswell, Community Reinvestment Fund USA and Bioworld Merchandising, CommercialEdge shows.
Transwestern’s team of Vice President Trinette Wacker and Principal Broker Reed Christianson brokered the deal on behalf of the landlord. President Jeffrey LaFavre and Advisor Zach Synstegaard with IAG Commercial Real Estate represented the tenant.
Twin Cities ends 2024 with affordable rents and low vacancy
According to a recent CommercialEdge report, office markets in the Midwest had the most affordable rates in 2024. Twin Cities posted the second-lowest average asking rent at $26.25 per square foot, below the national average of $33.11 per square foot. Detroit was the least expensive among the top 25 U.S. office markets, with rents averaging $21.46 per square foot.
With a rate of 16.2 percent as of December, the Twin Cities recorded the third-lowest office vacancy rate in the nation, representing a 160-basis-point year-over-year decline.
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