Transwestern Brokers Minneapolis Anchor Lease Renewal
- Nov 25, 2020
Transwestern has completed a lease renewal at SPS Tower, a 655,070-square-foot office high-rise in Minneapolis. President Jim Montez and Principal Reed Christianson negotiated on behalf of the owner, Sumitomo Corp. Pete Kostroski and Chris Rohrer of Rokos Advisors assisted the building’s namesake tenant, SPS Commerce Inc.
In 2018, the company occupied 168,000 square feet spread across seven floors in the 31-story tower. Following a lease extension and renewal, the firm became the largest tenant in the building, which was rebranded as SPS Tower. The global retail supply chain company currently occupies 216,000 square feet on floors three through 10, as well as the high-rise’s 16th floor.
Located on 3 acres at 333 S. Seventh St. in the city center, the LEED Gold-certified building was completed in 1986 and renovated in 2015. Recently, the owner has invested in further upgrades, adding touchless elevators and electrostatic disinfecting cleaning protocols. The property has subterranean parking, a conference center, 3,000 square feet of retail space and a gym.
Sumitomo Corp. paid $144 million for SPS Tower in February 2019. CalSTRS sold the asset after 19 years of ownership, according to CommercialEdge data.