Developer breaks ground on MoZaic East office building in Uptown
Construction has started on the MoZaic East office building in the Uptown area of Minneapolis.
Developers broke ground on the eight-story, 198,000 square-foot building last week. The Ackerberg Group is building the new office and retail complex at the site of a parking lot behind its MoZaic West office building off Fremont Avenue S. along the Midtown Greenway. The Opus Group is serving as general contractor.
"Demand and interest for quality office [space] in the Uptown market is extremely strong with, currently, little available space for larger users," Ackerberg Chief Executive Stuart Ackerberg said in a statement. "MoZaic West leased up very quickly and interest by tenants in this marketplace continues to grow."
Ackerberg decided to build the new MoZaic complex without a main tenant signed. CBRE is marketing the office project.
"With MoZaic West fully occupied within a year of completion, it's clear that companies want to be a part of the dynamic community Ackerberg has created in Uptown," Mark McCary, senior vice president with CBRE, said in a statement. "The next stage of the MoZaic campus will solidify the Uptown office market and complete the vision for an amenity-rich office community dedicated to sustainability, transit and place-making."
Renaissance Square has sold
The Renaissance Square building in downtown Minneapolis has sold for $20.3 million, according to an electronic certificate of real estate value made available last week.
The office building is located on the corner of Fifth Street and Nicollet Mall and features a 10-story atrium with skylight.
The building was purchased by an entity associated with the Davis Cos., a Boston real estate investment, development and management firm.
