Moss & Barnett, a longtime Minneapolis law firm, has signed a long-term lease in Fifth Street Towers.
About 160 employees will move from Wells Fargo Center in downtown Minneapolis to the new digs at 150 S. Fifth St. T The new lease begins August 2014, although more-detailed terms were not released.
Fifth Street Towers was sold for $111 million last year to a joint venture formed by Zeller Realty Group of Chicago and Invesco Real Estate, in Atlanta. Since then, the 1980s-era buildings have been renovated.
The move will permit the 100-year-old law firm to design space that better suits its office needs, said Thomas Shroyer, its president and CEO, in a statement.
“We designed our existing space over 25 years ago, when we had a much higher ratio of support staff to attorneys, when commercial use of the Internet was just a rumor and when there was little opportunity for lawyers to work remotely,” Shroyer said. “Technology has permanently changed the workflow in a law firm and reduced space needs. We will use about 30 percent less space while providing the same level of excellent service to our clients.”
In the past three years, Moss & Barnett has seen strong growth in its core practice areas and some of the best financial results in its history, Shroyer said.
“We expect that the favorable terms of this new lease will provide a strong foundation for continued success,” he added.
Tina Hoye and Russ Nelson of Nelson, Tietz and Hoye represented Moss & Barnett in the lease negotiations.
Janet Moore covers commercial real estate for the Star Tribune.