Services Provided:

Architecture, Brokerage, Construction, Project Management

Industries:

Office

Location

St. Paul , MN

Size

328,600 SF

Broker:

Eric Rapp

Project Summary

 

Challenge 
River Park Plaza is an 8-story 328,600 sf
Class B office building, which had fallen into
foreclosure in 2009. The building was 50%
occupied and in poor physical condition. The
anchor tenant, Comcast, was nearing the end
of its lease term and threatening to move out.
Over many years the building had gained a
reputation as a tired building with ownership
unwilling or unable to make necessary
improvements and complete market rate
transactions.

Eric Rapp and the Colliers team was tasked
with renewing the anchor tenant and
reintroducing the building to the market.

Strategy 
Colliers immediately identified amenities
needed for this asset to compete in the
market place. We developed joint capital
improvement and comprehensive marketing
plans to engage current tenants in renewals
as well as attract additional quality, long-term
tenants. A large fitness center, first-class
conference center, cafe remodel, and
remodeled front lobby are just a few of the
capital improvement suggestions that were
implemented.

Results
Our team was able to secure a long-term
lease renewal with Comcast, in addition to
leasing over 100,000 sf of space with
tenants including Gillette Children’s Specialty
Healthcare and Medianews Group (Pioneer
Press).