Downtown Minneapolis tower renamed for SPS Commerce

The 31-story 333 South Seventh Street building has been renamed SPS Tower after software company SPS Commerce, which is expanding its space in the Minneapolis tower.

SPS Commerce, which currently has 168,000 square feet of space on floors four through 10, has signed a new lease at the building, located along 4th Avenue S. between 7th and 8th streets.

The lease, which extends until 2025, will expand the company’s space to 216,000 square feet by adding floors three and 16. With the new lease, SPS takes up about 30 percent of the building.

Employees will start filling up the additional floors sometime over the next two years, said Mike Carey, senior vice president and chief human resources officer. In the meantime, outdoor signage identifying the building as SPS Tower will go up soon.

SPS Commerce’s new space includes offices for the Minneapolis/St. Paul Business Journal, which the paper reportedly is planning to move to this summer.

SPS Commerce decided to stay in the building because of its proximity to public transit, quality building management and its “Turf Club” lawn space, Carey said.

“It would have been hard to replicate this anywhere else,” he said.

Large portfolio of Twin Cities medical office buildings sold

Fifteen Twin Cities medical office buildings and clinics have recently switched hands as part of a $400 million deal.

IRET, a real estate company based in Minneapolis and Minot, N.D., has sold 25 medical office buildings to Harrison Street Real Estate Capital LLC of Chicago.

The sale included properties in Minneapolis, Edina, Burnsville, Brooklyn Center, Brooklyn Park, Lake Elmo and St. Michael.

CBRE’s Healthcare Capital Markets Group, headed by Chris Bodnar and Lee Asher, partnered with BMO Capital Markets to serve as advisers on the sale, which closed Dec. 29.

IRET announced last November that it planned to sell its entire health care building portfolio. IRET will unload the rest of that portfolio over the next six months and focus more on multifamily properties.

 

Nicole Norfleet

 

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