Minneapolis, "Target Building", USA
46,400 sq m
Description of property
The high-quality 50 South 10th Street building boasts LEED Gold certification and is situated in the cultural and business heart of Minneapolis, directly on Nicolett Mall. The property accommodates part of the corporate headquarters of the highly successful Target Corporation and comprises around 46,400 square metres of space. Target is the second-biggest US retail chain and occupies almost 80 per cent of the rental space in the Class A building, which was completed in 2001. In addition to 41,800 square metres of office space, the twelve-storey complex also includes some 4,500 square metres of retail and storage space. The complex spans an entire block. The leases on the fully-let property have an average term of more than 15 years.
Main tenant Target is closely associated with the site in the centre of the Mississippi city – the Fortune 500 company has been conducting its US business from this location for the past 133 years. With over 30,000 employees, Target Corporation is by far the biggest employer in the twin cities of Minneapolis and Saint Paul.<
The property is linked to the two neighbouring headquarters buildings and a Target flagship store. The central Skyway system provides the property with excellent access to public transport. The building also features a three-storey car park, which is owned by the municipal authorities.
The metropolitan area of the twin cities of Minneapolis and Saint Paul is home to around 3.4 million people. At 4.3 per cent, it currently has the lowest rate of unemployment of all major US metropolitan areas.
Images: Source CBRE
Source: Union Investment. Information current at: September 2014