SPS Commerce, Inc., an on-demand supply chain management solutions company, signed a 90-month lease for about 118,042 square feet in the Accenture Tower
office building at 333 South 7th St. in Minneapolis, MN.
The tenant has existing space, covering about 70,746 square feet on floors 8 through 10. Due to growth of the company, the tenant decided to extend the term of its existing lease and expand by 23,651 square feet on the seventh floor, which shall commence on or about November 1, 2012.
In addition to expanding, tenant premises are subject to an automatic expansion by 23,645 square feet of
office space in the building on or about September 1, 2013.
The tenant will have two renewal options to extend the term of lease by three years each. In addition it has two options to expand the premises, with the first being at the same base rental rates as the balance of the premises, and the second being at a market rate determined in accordance with the lease. Additionally, the tenant will have a right of first offer to lease certain additional office space in the building at a market rate determined in accordance with the lease.
The 31-story, class A office building totals 620,191 square feet in the Downtown CBD submarket. The property was built in 1987 and is currently owned by CBRE Investors, according to CoStar information. Other tenants include Accenture, Marsh & McLennan, and Michaud Cooley Erickson. Kohn Pederson Fox & Heller Manus was the architect.
CBRE of Minneapolis represented the landlord, CBRE Investors. CresaPartners LLC represented SPS Commerce.