US Bancorp Renews 447 KSF Minneapolis Lease

800 Nicollet Mall last traded in 2003 for $174 million. Image courtesy of Piedmont Office Realty Trust

U.S. Bancorp has renewed its lease for 447,000 square feet at 800 Nicollet Mall in Minneapolis. The firm signed the agreement with landlord Piedmont Office Realty Trust. The bank has been using the space as its global headquarters since the building’s opening in 2000.

Rising 30 stories, the building spans 935,661 square feet and includes 20,000 square feet of retail space. It features 43,000-square-foot floorplates and such amenities as a fitness center, showers, game room with golf simulator, bike storage and a conference center with a capacity of up to 100 people.

The owner acquired it in 2003 for $174 million, CommercialEdge data shows. Other tenants include various capital management and law firms, according to the same source. The building is also LEED Gold certified. Transwestern and Newmark serve as leasing brokers for the property.

Located in downtown Minneapolis, 800 Nicollet Mall is close to interstates 94 and 35, while being some 13 miles from Saint Paul. It is also within walking distance of multiple light rail stations, as well as the Target Field train station.

As of September, the Twin Cities registered an average listing rate of $26.7, marking a 4.2 percent year-over-year increase, which significantly outpaced the 0.3 percent national average growth that month, a recent CommercialEdge report shows. The metro’s vacancy rate stood at 16.9 percent, 90 basis points below the national average, but up 3.6 percent year-over-year, according to the same source.