West End Office Park – Three & Four
Deal Type: Acquisition
Risk Profiles: Core Plus
Property Types: Office
Investment Summary
Cushman & Wakefield’s Office Investment Advisory (OIA) Group is pleased to present West End Office Park Three and Four (“WEOP”), a 79,688 square foot, Class A, creative office ecosystem at the coveted West End in suburban Minneapolis, Minnesota. The offering consists of West End Three (40,777 SF) and West End Four (38,911 SF) which total 79,688 square feet and are collectively 88% leased with an attractive 3.3 year weighted average lease term (“WALT”) with in-place rents averaging 8% below market.
The West End is the ultimate live/work/play destination in the Twin Cities and considered the most vibrant micro-market in the entire Midwest, given its incredible location, luxury multi-family development, proximity to affluent residential neighborhoods, and premier position along the I-394 corridor. The West End is experiencing phenomenal migration as over 700,000 square feet of new tenancy has relocated to the West End over the past five years. West End Three and Four are part of the larger West End Office Park located in the heart of the West End neighborhood, which also includes West End Center and Plaza available as part of a separate offering. The park can be acquired as a whole or split in two separate transactions.
Investment Highlights
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IDEAL SCALE TO ENTER INTO CLASS A TROPHY OFFICE PARK
PROMINENT LOCATION WITHIN TOP PERFORMING MICRO-MARKET
MARKET LEADING WEST END FUNDAMENTALS
DIVERSE RENT ROLL WITH STRONG ANCHOR TENANCY
ATTRACTIVE WALT WITH NEAR-TERM UPSIDE OF PROVEN RENT GROWTH
ADVANTAGEOUS BASIS AND FUTURE OPTIONALITY
Property Summary
Year Built / Renovated
1978 / 2019
Stories
6 Total - 3 & 3 respectively
Net Rentable Area
79,668 SF
Avg. Floor Plate Size
13,274 SF
Occupancy
87.6%
# of Tenants
19
Avg. Tenant Size
3,672 SF
Weighted Avg. Remaining Lease Term
3.3 Years
Photo Gallery
Investment Contacts
CODY HUNDERTMARK
Co-Head of Midwest Investment Sales
Executive Managing Director
+1 312 338 7865
TOM SITZ
Co-Head of Midwest Investment Sales
Executive Managing Director
+1 312 338 7866
DAVID MELINE