Piper Jaffray & Co. recently entered into a new lease with the owner of its headquarters at 800 Nicollet Mall for 128,882 square feet. The company’s lease terms for the 11.5-year period is $44.5 million.
According to a securities filing by Minneapolis-based Piper, the lease began on June 1 and expires Nov. 30, 2025. But it includes an option for Piper to terminate the lease Jan. 31, 2022. The buildings owner is Piedmont REIT of Norcross, Ga.
Piper has reduced its square footage by nearly half — it previously took up 239,762 square feet of space in the office tower.
Janet Moore covers commercial real estate for the Star Tribune.