Adolfson & Peterson Construction Relocates HQ
- Oct 16, 2018
Adolfson & Peterson Construction is getting ready to move into its new headquarters in Golden Valley, Minn. The company announced it plans to occupy the entire sixth floor of the iconic The Colonnade by the end of the year, due to continued growth of its 200+ employee base. The new office encompasses 23,633 square feet and will be subleased from Pentair. CBRE brokered the transaction on behalf of both the tenant and the landlord, Starwood Capital Group.
The Colonnade is a 16-story, LEED Gold-certified office tower located at 5500 Wayzata Blvd. According to real estate data provider Yardi Matrix, it was completed in 1988 and changed hands several times. Starwood bought it from DRA Advisors in August last year, around the same time it acquired West Hollywood Hotel in Los Angeles. The deal closed for $100 million, twice the price DRA paid for the asset in 2011. The building encompasses 356,349 square feet and features a small retail component of approximately 1,500 square feet.
AP’s move will leave vacant the company’s home of more than 50 years in St. Louis Park. The two-story building at 6701 W. 23rd St. was completed in 1962 and upgraded several times over the years.
Image courtesy of Yardi Matrix