Japan-based Sumitomo Corporation of America Expands with Minneapolis, Minnesota Commercial Tower
02/07/2019
According to company officials, the building boasts an 84% occupancy level throughout its 655,070 square feet of rentable space. Anchored by major tenants SPS Commerce, Inc. and Accenture, LLP, SPS Tower is connected to three adjacent buildings via a pedestrian skyway and just a few minutes' walk to the city's LRT and bus lines.
Additionally, the building sits atop a four-level underground parking garage made up of 630 spaces with easy access to major highways. Recently renovated, the property's amenities include a conference center, fitness center, shipping and mail services, food services and car washing and detailing.
"We are very pleased to have completed this deal and gain ownership of SPS Tower. This is our first real estate investment in Minneapolis and we believe the expertise we've cultivated throughout our several years within the U.S. real estate market will allow us to bring insights and improvements related to building management and tenant relationships. We look forward to providing a high-quality office environment for the tenants of Minneapolis," said Yurika Sugimoto, Real Estate Manager in the Commercial Real Estate Unit at Sumitomo Corporation of Americas.
Sumitomo officials noted Minneapolis is an economic powerhouse in the northern Midwest region of the U.S. with a population of 3.6 million people. The city is home to a large number of Fortune 500 companies, including Target, Best Buy and 3M. The CBD's large office rental submarket paired with the highest average rent in the city makes this area an optimal investment opportunity.
Project Announcements
Piramal Pharma Solutions Expands Lexington, Kentucky, Operations
10/04/2024
G&H Decoys Plans Corning, Arkansas, Headquarters-Manufacturing Operations
10/04/2024
Britain-Based Ultimate Defense Technologies Establishes Billings, Montana, Operations
10/04/2024
Google Plans Dorchester County, South Carolina, Data Center Operations
10/04/2024
Sirius Analysis Plans Virginia Beach, Virginia, Headquarters
10/04/2024
South Korea-Based ILJIN Plans Auburn, Alabama, Manufacturing Operations
10/04/2024
Most Read
-
Top States for Doing Business in 2024: A Continued Legacy of Excellence
Q3 2024
-
What the Latest EPA PFAS Rule Means for Site Due Diligence
Q3 2024
-
Cold Storage: The Next Big Thing in Industrial Real Estate
Q3 2024
-
2023 Top States for Doing Business Meet the Needs of Site Selectors
Q3 2023
-
The Challenge of Securing Sufficient Electrical Power for Battery Cell Plants
Q3 2024
-
2023's Leading Metro Locations: Hotspots of Economic Growth
Q4 2023
-
Semiconductors’ Fragile Relationship With Water May Be Tested
Q3 2024