Our in-house model fully integrates all aspects of a project, from development, to design and all the way through construction – providing great value to clients. Throughout the process, our team works together to be good business partners to our clients, and to each other, which requires understanding multiple facets of the business and process.
Nick Murnane, Director of Real Estate Development, can attest to this.
“The ability of our in-house team to work collaboratively across the required stages of a project elevates Opus and sets us apart from other industry leaders," said Nick. “Whether you work in development, design or construction here, you develop an understanding of how various aspects of a project align to deliver quality buildings on time and within the client's budget. It's a huge benefit for clients and makes the work we do really interesting and rewarding."
Building a Career in Commercial Real Estate
As Director of Real Estate Development, Nick manages new
office development opportunities in Minnesota and throughout the Midwest. His work includes site selection and acquisition; structuring and management of partnerships; due diligence; securing municipal approvals and project financing; and coordination of construction, design and development team members.
Nick's interest in pursuing a career in real estate took hold during college at the University of Kansas, where he earned a Bachelor of Arts in political science. “Since I was young, I've been intrigued by politics, government and law. My grandfather is a retired attorney, and his father and uncle started a law firm in St. Paul in the 1930s (Murnane & Murnane). I always thought law school and being an attorney would be my path. However, as I began to take additional business and entrepreneurship courses in college, my focus shifted to the business side of things. I've always been passionate about real estate and was surrounded by it growing up. It was a natural fit, so I pursued my real estate license, began learning as much as I could about development and headed back to Minneapolis."
Beginning as an intern during the summer of 2010, Nick learned to perform market analysis and assisted in creating lease proposals for office and retail. “It was a great time to learn the business, as it was a tough real estate market and Opus was just beginning to rebuild after the recession," he said.
After six months, he was hired full time as a Real Estate Representative, followed by promotions to Real Estate Manager, then Senior Manager and now Director. “This progression over the last nine years has provided me with countless opportunities to learn from the many experts at Opus – most of whom have 20+ years of experience."
Developing High-Quality Real Estate
Nick remains excited about the new challenges and varying work offered by real estate development. “Whether it's researching sites and bringing them into acquisition, strategizing with associates in Design and Construction, or working with communities and cities as part of the entitlement process, it's easy to feel passionate about this work," he said.
“I enjoy being a quarterback of sorts on projects, working with everyone at Opus – architects, contractors and developers, as well as marketing, branding and leasing. Being part of our in-house team working together on behalf of our clients is incredibly rewarding and fun."
Being able to physically see and touch what he develops is also gratifying for Nick.
“A major highlight of my career at Opus thus far was the successful execution of The Nic on Fifth®," he said. “It was a pioneering project as the first bona fide market rate apartment project that Opus developed, designed and constructed. It was a great example of how our teams collaborate throughout the project to deliver a top of market, award-wining building."
Following The Nic on Fifth, Nick was the lead developer on 365 Nicollet, a 30-story, luxury multifamily apartment building in downtown Minneapolis.
“365 Nicollet is another testament to the success of our model. Consistency of teams working across our platform on projects is huge, and our team on 365 Nicollet were nearly identical to that of Nic on Fifth. Ultimately, these efficiencies allowed us to deliver 365 Nicollet ahead of schedule, under budget and at the top of the luxury apartment market in Minneapolis, achieving the highest rents in the market and exceeding our lease-up expectations."
[See how our fully-integrated team of experts maximized the outcome on 365 Nicollet.]
“Nick brings passion and a high level of expertise to the development process," said Phil Cattanach, Vice President & General Manager for real estate development. “He has the unique ability to bring out the best in each member of the development team, to the benefit of our clients, partners, projects and the communities we do business in."
Nick is a member of the National Multifamily Housing Council (NMHC), the International Council of Shopping Centers (ICSC), the Minnesota Commercial Association of Realtors (MNCAR) and a member of NAIOP, the commercial real estate development association. He also sits on the board of the PPL Housing Management and Development Committee.
Our associates are talented, dedicated and knowledgeable. They streamline complex projects and always deliver value to clients. Read more profiles of our team.