Aerospace Company Inks 49 KSF in Minneapolis
Transwestern brokered the lease on behalf of the ownership.
Aerospace and defense technology company Leonardo DRS Inc. has signed a 10-year, 48,563-square-foot lease at Group RMC’s Grand Oak Business Park in Eagan, Minn.
The firm will move from its current offices in Burnsville, Minn., to the single-story, 107,076-square-foot Grand Oak VII. The corporate relocation is scheduled for the fall of this year.
Transwestern Real Estate Services arranged the lease on behalf of the ownership, while RV3 Solutions represented the tenant in the transaction.
June saw office listing rates in the Twin Cities clock in at an average of $26.04 per square foot, up 4.4 percent year-over-year, according to the latest Yardi Matrix office report. Total office vacancy in the metro rose to 17.5 percent during the same month, reflecting a 150-basis-point increase over a 12-month period.
A 100-acre business park
Grand Oak VII came online in 2002 at 2750 Blue Water Road. The building is one of ten within the 100-acre Grand Oak Business Park, which includes eight office buildings and two retail properties. Shared amenities at the campus feature a nine-hole putting green, a one-mile walking trail, conference centers, fitness rooms, outdoor patios, as well as storage space. The property offers shuttle services to the Minneapolis-Saint Paul International Airport and the Mall of America.
The Business Park has access to interstates 494 and 35E, and U.S. roads 55 and 149. The property is also surrounded by eateries and retail options, including Costco and Starbucks. Downtown Minneapolis is 15 miles away, while St. Paul, Minn., is some 12 miles north.
Transwestern Principal Mike Honsa worked on behalf of the ownership, while RV3 Solutions Founding Partner & CFO Chuck Bower, together with Managing Principal & President Jerry Moore represented the tenant.
You must be logged in to post a comment.