KBS, one of the largest investors in premier commercial real estate in the nation, has announced that Avtex, a full-service customer experience consulting firm, has renewed the lease of their headquarters at Northland Center, a Class A, Wired-Certified, LEED EBOM Silver-Certified office park in the Minneapolis-St. Paul-Bloomington, MN-WI MSA, which is part of one of KBS’ client portfolios.
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KBS - Northland Center (Photo: Business Wire)
According to Western Regional President at KBS, Rod Richerson, the transaction demonstrates that companies are continuing to renew leases, despite the current environment.
“There has been a lot of discussion as to whether or not companies will continue to lease space as a result of COVID-19 and shift to remote working models,” says Richerson. “This is not something we are seeing across our portfolio. In fact, we are continuing to see companies renew and sign new leases at several of our assets across our portfolio of more than 23 million square feet.”
KBS specializes in acquiring best-in-class assets in the epicenter of growth markets like Bloomington that are in high demand from tenants.
“There may be a small percentage of tenants who shift to remote working models, but for the most part, we anticipate that a large percentage of companies will return to their offices once the pandemic is over,” explains Giovanni Cordoves, asset manager for Northland Center, co-director and senior vice president at KBS. “In fact, we anticipate that while some companies will incorporate remote working models, a significant amount of companies will require more space as they return back to their offices and account for social distancing. Companies may also require more space as they consider the emotional and behavioral aspects to ensure employees feel safe in their space moving forward. Avtex’s lease renewal is a prime example of companies planning to return to their office space.”
Northland Center is a two-building, 492,514 square-foot property that is located in close proximity to the I-494 and France Avenue corridor, which provides easy access to a plethora of restaurant, retail and entertainment amenities, as well as close access to the Minneapolis-Saint Paul International Airport.
The first asset to become Wired Certified in Bloomington, the office park also features a myriad of modern amenities including tech-wired conference rooms, a state-of-the-art fitness center, free and secure covered on-site parking with climate-controlled executive garages, secured bike storage, a full-service hair salon, auto detailing and auto spa, a farmer’s market, laundry and shoe repair pick-up and delivery service, a full-service café, and an outdoor lounge area with a barbecue grill and redesigned landscaping.
“Northland Center is a strong value alternative for many Class A office properties in the area and features a variety of in-demand amenities,” explains Cordoves. “The office complex has efficient rectangular floor plates, as well as an experiential environment that contributes to the future development of company culture, personnel development and shared success.”
Northland Center was also the first asset in Bloomington to become LEED EBOM Silver-Certified due to its pursuit of sustainability. The property features an Energy Star label of 93 out of 100 points, a dedicated sustainability team, bicycle racks and available locker and shower facilities with good accessibility to public transportation.
Cushman & Wakefield’s Bill Rothstein provides leasing services for Northland Center.
“Avtex has been a valued tenant at Northland Center since 2010, and we are so pleased that the firm has renewed,” says Rothstein. “The property is a true gem in Bloomington, offering a market leading amenity package and first-in-class experience for tenants and their employees. KBS continues to deliver what companies want and need in this region, which is why Avtex remains loyal at this property.”
Northland Center is located at 3600 American Boulevard West in Bloomington, Minnesota, near the intersection of I-494 and France Avenue. Please find photos of Northland Center here.
About KBS
KBS is one of the largest owners of premier commercial real estate in the nation. As a private equity real estate company and an SEC-registered investment adviser, KBS and its affiliated companies have completed transactional activity of approximately $42 billion on behalf of private and institutional investors globally. Founded in 1992 by Peter Bren and Chuck Schreiber, KBS acquires and operates prime commercial real estate in some of the most successful epicenters in the country. The firm is committed in its business ethics, its business relationships and its constant focus on exceeding the expectations of our investors, partners and tenants. SEC registration as an investment advisor does not imply any particular level of skill or training. For more information on KBS, please visit www.kbs.com.
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended including statements relating to KBS’ ability to invest in and manage a diverse portfolio, and the performance of Northland Center and of the Bloomington real estate market. These statements are subject to known and unknown risks, uncertainties and other factors which may cause KBS’ and/or Northland Center’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
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