Menlo Equities acquired this Class A, 12-story building totaling approximately 498,768 square feet in November 2018. Target Corporation (NYSE: TGT, S&P: A) leases the entirety of the office space representing 93% of the NRA through March 2030. The balance of the property is high end support retail such as Starbucks.
Situated in a true “live-work-play” infill location between 9th and 10th Street on Nicollet Avenue in the core of the Minneapolis Central Business District. Nicollet Avenue is considered one of the most prestigious addresses in Minneapolis and is home to three Fortune 500 company headquarters including Target, U.S. Bancorp, and Xcel Energy Inc.
950 Nicollet is one of three buildings which collectively serve as the international headquarters for Target. The Property is the only one directly connected to Target’s flagship retail store. This direct access creates operational efficiencies for Target’s merchandising and design personnel who utilize the flagship location to experiment with layouts and visual merchandising concepts before rolling out a national strategy.
Target completely renovated the interior office space with Class A, modern creative finishes in an open floor plan at cost exceeding $35 million during 2016 and 2017.