{"id":1004718490,"date":"2024-06-21T11:15:03","date_gmt":"2024-06-21T19:15:03","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004718490"},"modified":"2024-06-21T11:19:24","modified_gmt":"2024-06-21T19:19:24","slug":"hines-jv-completes-1-msf-minneapolis-mixed-use-development","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hines-jv-completes-1-msf-minneapolis-mixed-use-development\/","title":{"rendered":"Hines JV Completes 1 MSF Minneapolis Mixed-Use Development"},"content":{"rendered":"\n

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\"Property
North Loop Green\u2019s office tower (pictured on the right) provides views of the downtown Minneapolis skyline and Target Field. Image courtesy of Kraus-Anderson<\/em><\/figcaption><\/figure><\/div>\n\n\n

Hines, Marquee Development and AFL-CIO Building Investment Trust have officially completed North Loop Green, a 1 million-square-foot mixed-use development in Minneapolis.<\/p>\n\n\n\n

The project comprises 350,000 square feet of office space, 350 multifamily units, 100 short-term rental residences, 10,000 square feet of retail space and a 1-acre public park.<\/p>\n\n\n\n

Construction began in 2021, with ESG Architecture & Design and Kraus-Anderson acting as designer and general contractor, respectively.<\/p>\n\n\n\n

The 3.4-acre development represents the third phase of a Planned Unit Development, which includes two additional office buildings and a multifamily property. The joint venture redeveloped a six-parcel site for the project’s assembly, which served as a surface parking lot.<\/p>\n\n\n\n

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READ ALSO: Why Mixed-Use Developments Are All About the Right Synergies<\/a><\/p>\n\n\n\n

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North Loop Green consists of two towers and a park. The office component includes 14 stories with ground-floor retail, while the residential building rises 34 floors.  <\/p>\n\n\n\n

North Loop Green’s office tower<\/h2>\n\n\n\n

The office component features floorplates averaging 28,523 square feet, terraces on each level, floor-to-ceiling windows, as well as a swimming pool and gym, to name a few. Moreover, the property is Wired pre-certified, while pursuing LEED Silver certification.<\/p>\n\n\n\n

Piper Sandler & Co. will relocate its headquarters to North Loop Green in the summer of next year. The investment banking firm inked a 15-year lease for 113,000 square feet<\/a> of office space in 2022.<\/p>\n\n\n\n

Other notable leases include V\u00e4rde Partners\u2019 12-year agreement for 28,000 square feet<\/a> of office space signed last year, as well as KPMG and the development\u2019s own designer\u2014ESG Architecture & Design. Currently, the office component is 70 percent leased.<\/p>\n\n\n\n

A host of eateries and bars will occupy the mixed-use development’s retail component, with one already in service and two others slated to open this fall.<\/p>\n\n\n\n

Located at 350 N. Fifth St., North Loop Green is less than 1 mile from interstates 94 and 394. The Mississippi River and the Target Field, home to the Major League Baseball\u2019s Minnesota Twins, are within walking distance.<\/p>\n\n\n\n

Taking Twin Cities’ office pulse<\/h2>\n\n\n\n

According to a recent CommercialEdge report<\/a>, the Twin Cities\u2019 asking office rate was down 7.9 percent year-over-year as of May. However, the vacancy rate was also down 80 basis points during the same period, standing at 16.2 percent\u2014below the national average of 17.8 percent as of May.<\/p>\n\n\n\n

Due in part to the rise in construction costs<\/a> and the overall performance of the office sector, Minneapolis-St. Paul\u2019s office supply pipeline was virtually non-existent, with only 35,666 square feet under construction as of May, the same report shows.<\/p>\n","protected":false},"excerpt":{"rendered":"

The project’s office component is 70 percent leased.<\/p>\n","protected":false},"author":3471,"featured_media":1004718497,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,13,36076,21752,21742],"tags":[39060,48236,32797,37274],"class_list":["post-1004718490","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-midwest","category-minneapolis-st-paul","category-mixed-use","category-latest","tag-afl-cio-housing-investment-trust","tag-esg-architects","tag-hines","tag-kraus-anderson-construction-company"],"acf":[],"yoast_head":"\nHines JV Completes 1 MSF Minneapolis Mixed-Use Development - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Hines, Marquee and AFL-CIO completed North Loop Green, a 1 million-square-foot mixed-use development in Minneapolis.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/hines-jv-completes-1-msf-minneapolis-mixed-use-development\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hines JV Completes 1 MSF Minneapolis Mixed-Use Development\" \/>\n<meta property=\"og:description\" content=\"Hines, Marquee and AFL-CIO completed North Loop Green, a 1 million-square-foot mixed-use development in Minneapolis.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/hines-jv-completes-1-msf-minneapolis-mixed-use-development\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-21T19:15:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-21T19:19:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/North-Loop-Green-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Claudiu Tiganescu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hines-jv-completes-1-msf-minneapolis-mixed-use-development\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/hines-jv-completes-1-msf-minneapolis-mixed-use-development\/\",\"name\":\"Hines JV Completes 1 MSF Minneapolis Mixed-Use Development - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hines-jv-completes-1-msf-minneapolis-mixed-use-development\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hines-jv-completes-1-msf-minneapolis-mixed-use-development\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/North-Loop-Green-1.jpg\",\"datePublished\":\"2024-06-21T19:15:03+00:00\",\"dateModified\":\"2024-06-21T19:19:24+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/cbed638584257d6fb5a2a9c95c982b66\"},\"description\":\"Hines, Marquee and AFL-CIO completed North Loop Green, a 1 million-square-foot mixed-use development in Minneapolis.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hines-jv-completes-1-msf-minneapolis-mixed-use-development\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/hines-jv-completes-1-msf-minneapolis-mixed-use-development\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hines-jv-completes-1-msf-minneapolis-mixed-use-development\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/North-Loop-Green-1.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/North-Loop-Green-1.jpg\",\"width\":1200,\"height\":900,\"caption\":\"North Loop Green\u2019s office tower (pictured on the right) provides views of the downtown Minneapolis skyline and Target Field. 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