Financing totalling $43 million has been arranged for the renovation of Block E into Mayo Clinic Square, according to CBRE Capital Markets, which represented the owners of the downtown Minneapolis property, Camelot LLC.
Pretty much all of Block E, except Kieran's Irish Pub, Starbucks and Jimmy John's, will become corporate space and a training facility for the Minnesota Timberwolves and Lynx, as well as the Mayo Sports Medicine Clinic for elite and amateur athetes and active adults.
The $50 million renovation will overhaul the 217,354-square-foot space, with Mayo expected to move in this fall, and the Timerwolves occupying the space in the first half of 2015.
The CBRE team of Murray Kornberg, Doug Selay and Ben Bastian represented the property owner, with financing that originated through Pacific Coast Capital Partners.
Block E, located at 600 Hennepin Av., has long struggled with attracting and keeping tenants. It is located across from Target Center.