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US Bancorp Renews 400,000-SF Lease

Tenant Staying in Minneapolis HQ for 10 More
October 22, 2012
U.S. Bancorp has renewed its 395,493-square-foot headquarters lease at 800 Nicollet Mall in Minneapolis, MN. The ten-year deal will commence in June 2014.

US Bancorp Center is a 30-story, 1.03 million-square-foot, class A office building located on 1.2 acres in Minneapolis's central business district. The building was constructed in 2000, and US Bancorp has occupied space in the office tower ever since. The property features a noteworthy indoor Skyway which connects the second and ground floors with neighboring buildings, creating an inviting and heavily-trafficked retail environment.

"As a proud Twin Cities-based company, we're happy to renew our commitment to our headquarters city of Minneapolis," said Elliot Jaffee, Minnesota market president for U.S. Bank. "Not only are we keeping the same amount of space, we are upping our commitment by another decade."

Minneapolis-based U.S. Bancorp is the parent of the fifth largest commercial bank in the country. The bank employs more than 10,000 people in the twin cities, and including this renewal now occupies more than 2.8 million square feet of commercial space in the metro area.

While the renewal deal has the tenant retaining the same amount of space in 800 Nicollet that it currently occupies, the new lease carves out Piper Jaffray. U.S. Bancorp spun off the company in 2003, which negotiated its own direct lease with building owner Piedmont earlier this year.

Russ Nelson and Tina Hoye of Nelson Tietz & Hoye represented U.S. Bancorp in the negotiations. Ken Mulrane, CFA, senior vice president at Piedmont Office Realty Trust, Inc. facilitated negotiations in-house on behalf of the owner.

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