The Opus Group (Opus) announced today the acquisition of the former
Target Corp. (Target) west corporate campus in Minneapolis located along the Interstate 394 corridor. Opus will convert the single-use office building into multi-tenant office space and update the common areas throughout.
“We're excited to transform this iconic building and create a new offering in the dynamic I-394 office submarket," said Phil Cattanach, senior director, real estate development, Opus Development Company, L.L.C. “This unique development will meet the demand for premier office space in the submarket."
The office building is approximately 310,000 square feet and located on roughly 24 acres, with great visibility along I-394 and only two miles from downtown Minneapolis.
Over the next six months, in addition to the conversion to a multi-tenant office development, Opus will also modernize and add additional amenities for tenants. The improvements will include adding daylight on the western side of the building, which will offer unobstructed views of the Minneapolis skyline; a new cafeteria with indoor and outdoor seating; and a rooftop amenities deck. The amenity deck will include a clubhouse with a bar, entertainment space, pool table and conference room for tenants' use. The improvements will be completed by the spring of 2019.
Opus Development Company, L.L.C. is the developer. Opus Design Build, L.L.C. is the design-builder for the capital improvements with Opus AE Group, L.L.C as the architect and engineer of record with Perkins+Will providing interior design consulting services for the project. The CBRE Minneapolis team is representing Opus in leasing the building and also represented Target in the sale.
About The Opus Group
The Opus Group® is a family of commercial real estate development, construction and design companies headquartered in Minneapolis with offices and projects across the country. Opus operates as an integrated, multidisciplinary team with expertise in development, capital markets and finance; project management and construction; architecture, engineering and interior design. The Opus Group includes Opus Holding, L.L.C. and its operating subsidiaries: Opus Development Company, L.L.C., Opus Design Build, L.L.C. and Opus AE Group, L.L.C. Specializing in industrial, office, residential, retail, healthcare and institutional projects, The Opus Group has broad capabilities, deep experience and a proven design-build model that delivers solutions for customers on time and on budget. For more information, visit www.opus-group.com and follow @TheOpusGroup on Twitter.