(MINNEAPOLIS) – Hines, a global real estate investment, development, and property manager, along with partners AFL-CIO Building Investment Trust and Marquee Development, announced that Värde Partners, a leading global alternative investment firm, has signed a 12-year lease for a full floor, totaling approximately 28,000 square feet at North Loop Green, a mixed-use development under construction in the North Loop Neighborhood of downtown Minneapolis. The investment firm will relocate its office from AT&T Tower in March 2025.
“Leasing velocity remains strong as North Loop Green continues to attract industry-leading companies seeking a distinct destination for their employees to collaborate and build community,” said Bob Pfefferle, managing director at Hines. “We are looking forward to welcoming Värde and their employees to Minneapolis’ advanced new office workplace.”
“Värde Partners has been a proud member of the Minneapolis business community for nearly 30 years, and we are delighted to maintain our roots in the Twin Cities and embrace our new neighborhood in the North Loop,” said Jim Dunbar, Partner at Värde Partners. “Creating an agile and amenity-filled work environment should provide greater convenience for our employees and help us continue to attract top talent.”
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 beverage 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.
Värde was represented in lease negotiations by JLL. Ownership was represented by Hines and JLL.
The development of North Loop Green was partially funded through Hines U.S. Direct Investments (HUSDI). HUSDI is a private placement program that connects financial professionals and their high-net-worth clients with one-off development opportunities.
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 30 countries. We manage nearly $96B1 in high-performing assets across residential, logistics, retail, office, and mixed-use strategies. Our local teams serve 685 properties totaling nearly 216 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 and RIA AUM as of December 31, 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 Värde Partners
Värde Partners is a leading global alternative investment firm specializing in credit and credit-related assets. Founded in 1993, the firm has invested through multiple credit cycles, building on its roots in special situations and distressed to invest more than $95 billion across the credit quality and liquidity spectrum in both public and private markets. Värde currently manages over $13 billion in assets with teams in North America, Europe, and Asia Pacific focused on Corporate & Traded Credit, Real Estate, and Financial Services. For more information, please visit www.varde.com.