(MINNEAPOLIS) – Hines, a global real estate investment, development, and property manager, along with partners AFL-CIO Building Investment Trust and Marquee Development, announced that Piper Sandler & Co. has signed a 15-year lease for approximately 113,000 square feet at North Loop Green, a mixed-use development under construction in the North Loop District of downtown Minneapolis. The investment banking firm will relocate its headquarters to the development as its anchor tenant in the summer of 2025.
“Through technology and wellness-rich amenities, North Loop Green provides an innovative and welcoming environment that caters to individual employees and tenants,” said Bob Pfefferle, managing director at Hines. “We are proud to offer such a differentiated and cutting-edge office experience in Minneapolis and to continue to welcome top-tier tenants like Piper Sandler & Co. and their talent."
Shawn Quant, Chief Information and Operations Officer for Piper Sandler said “After careful deliberation, we found that North Loop Green fulfilled our desire for top-tier amenities, proximity to dining and green space, and allowed us to continue our 127-year legacy in the City of Minneapolis. Our new space is an investment in our employees and will accommodate our growth and support our commitment to delivering innovative solutions to our clients.”
Opening in Q1 of 2024, North Loop Green will redefine the office experience in downtown Minneapolis. Designed by ESG Architects, the development will offer 350,000 square feet of next-generation office space, including exclusive terraces on every floor, flexible workspaces, optimized indoor air quality, and a spectacular rooftop amenity terrace. The development will also comprise of 350 residential apartments, 100 hospitality units, and 15,000 square feet of premier food and retail offerings. Additionally, North Loop Green will feature “The Green”, a one-acre, activated green space that will be programmed year-round with a wide range of artistic, cultural, and community-based events for locals and visitors to enjoy.
Piper Sandler was represented in lease negotiations by Tom Braman of Braman & Associates, Inc.
For more information, including leasing details, visit https://northloopgreen.com/
Hines is a global real estate investment, development, and property manager. The firm was founded by Gerald D. Hines in 1957 and now operates in 28 countries. We manage a $92.3B¹ portfolio of high-performing assets across residential, logistics, retail, office, and mixed-use strategies. Our local teams serve 634 properties totaling over 225 million square feet globally. We are committed to a net zero carbon target by 2040 without buying offsets. To learn more about Hines, visit www.hines.com and follow @Hines on social media.
¹Includes both the global Hines organization as well as RIA AUM as of June 30, 2022.
About AFL-CIO Building Investment Trust
The AFL-CIO Building Investment Trust (the “BIT”) is an open-end commingled core equity fund with approximately $7 billion in Gross Asset Value as of September 30, 2021. The BIT was formed in 1988, and since 2010 the BIT has invested over $2.2 billion for the development of multifamily, commercial, and mixed-use properties across the country. The BIT is managed by PNC Bank, National Association, as Trustee; and PNC Realty Investors, Inc. provides sole investment advisory services. The AFL-CIO Investment Trust Corporation provides marketing, investor relations, and labor relations to the BIT. https://aflcio-bit.com/
About Marquee Development
Marquee Development is a real estate development company born out of professional sports ownership. As neighborhood place makers, they bring a hands-on approach to creating world-class experiences in entertainment, hospitality, and sports. By strategically managing every aspect of sports-adjacent, mixed-use developments, they ensure long-term value for owners, teams, fans, and communities. www.marqueedevelopment.com
About Piper Sandler
Piper Sandler is a leading investment bank driven to help clients Realize the Power of Partnership®. Through a distinct combination of candid counsel, focused expertise and empowered employees, we deliver insight and impact to each and every relationship. Our proven advisory teams combine deep product and sector expertise with ready access to global capital. Founded in 1895, the firm is headquartered in Minneapolis with offices across the United States and in London, Aberdeen and Hong Kong. Learn more at PiperSandler.com.