In one of the biggest office deals to be signed in suburban Minneapolis this year, Wells Fargo Bank, N.A. selected BPG Properties Ltd.'s Metropoint office park for a major consolidation, signing a long-term lease for 477,800 square feet.
Wells Fargo will more than triple the amount of space it currently occupies in the complex as part of the bank's plan to shift its suburban Minneapolis operations to the four-building complex located on the north side of Interstate 394 in St. Louis Park, MN, near General Mills' headquarters.
The lease included an extension for 147,812 square feet the bank already occupies and a commitment for an additional 329,220 square feet. Wells Fargo will now occupy office space in all four buildings of the 918,000-square-foot office complex, bringing occupancy to 90 percent.
Kelly Gibbel, vice president of BPG responsible for asset management of the property, handled negotiations on behalf of the landlord along with Gordie Hampson and Jason Butterfield of Cushman & Wakefield NorthMarq. Wells Fargo was represented by Steve Stratton, Bill Rogers, Tad Jellison, John Lorence, Chris Rohrer and Brian Ginkel of Jones Lang LaSalle.
BPG, a Philadelphia-based private- equity real estate fund manager, acquired the property in 2006. Wells Fargo said it is planning to consolidate three suburban locations to the Metropoint complex in St. Louis Park over the next three years. The moves will involve approximately 1,000 employees, primarily in the bank's payroll services and insurance services businesses.