(MINNEAPOLIS) – Hines, the international real estate firm, announced today the start of construction on the 220,000-square-foot T3 office development. T3 (timber, transit, and technology) is an innovative seven-story mass timber office building developed by Hines in the fast growing North Loop neighborhood of downtown Minneapolis. T3 will be open in early fall 2016.
Inspired by the North Loop’s historic brick and timber buildings, and designed by Vancouver-based Michael Green Architecture in conjunction with the DLR Group, T3 offers more than 12,000 square feet of ground floor retail space and a 10,000+-square-foot tenant amenity area that includes a fitness center, a robust social workspace, over 100 stalls of bike parking and an expansive rooftop patio. Office space on floors two through seven is filled with abundant natural light from large industrial inspired windows on a flexible, highly efficient 34,000-square-foot floor plate.
“This office building combines the aesthetic, spatial volumes, and warmth of older brick and timber buildings, with state-of-the-art amenities and systems. This combination of ‘old & new’ allows for high densification and meaningful recruitment and retention benefits for T3’s occupants,” commented Hines Managing Director Steve Luthman.
Hines Director Bob Pfefferle added, “This project is located in the coveted North Loop neighborhood that embodies the live, work, play lifestyle that progressive tenants are seeking in order to recruit and retain today’s knowledge workers.”
Hines is a privately owned global real estate investment firm founded in 1957 with locations in 185 cities in 19 countries. Hines has $84.9 billion of assets under management, including $42.7 billion for which Hines provides fiduciary investment management services, and $42.2 billion for which Hines provides third-party property-level services. In 2014, Hines completed over $8 billion in transactions on behalf of its investment management clients. The firm has 104 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired more than 1,000 properties, totaling over 339 million square feet. The firm’s current property and asset management portfolio includes 511 properties, representing over 176 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.
The AFL-CIO Building Investment Trust is an open-end commingled core commercial real estate fund with $3 billion in gross assets as of June 30, 2012. Since beginning operations in 1988, the BIT has invested over $4 billion for the development and acquisition of more than 160 office, retail, multifamily, hotel, warehouse, and mixed use properties across the country. The BIT is managed by PNC Bank, National Association (PNC Bank), as Trustee. PNC Realty Investors (PRI) provides investment advisory services to the BIT. The AFL-CIO Investment Trust Corporation provides, marketing, investor relations, and labor relations.