U.S. Bancorp has reached a new 10-year lease for close to 400,000 square feet at its 800 Nicollet Mall building in downtown Minneapolis.
The lease begins in June 2014. Terms were not disclosed by the building's owner, Pietmond Office Realty Trust Inc. of Atlanta.
U.S. Bancorp is the parent of U.S. Bank, the fifth largest commercial bank in the country, and has more than 10,000 employees in the Twin Cities, including 1,700 at 800 Nicollet. Employees have worked in the office tower in Minneapolis since 2000.
"As a proud Twin Cities-based company, we're happy to renew our commitment to our headquarters city of Minneapolis,” said Elliot Jaffee, Minnesota market president for U.S. Bank, in a statement.. “Not only are we keeping the same amount of space, we are upping our commitment by another decade.”
The new lease carves out space occupied by Piper Jaffray, which U.S. Bancorp spun off in 2003. Piper Jaffray renegotiated its own direct lease with Piedmont earlier this year.
Russ Nelson and Tina Hoye of Nelson Tietz & Hoye represented the tenant in the transaction.
Janet Moore covers commercial real estate for the Star Tribune.