McKnight Foundation Signs 20-Year Lease For 50,000 SF Office Space In Minneapolis
921 Washington Avenue South
Building Size
50,000 SF
Asset Type
Office
Closing
Dec 18, 2023
AI
The McKnight Foundation is relocating its headquarters to a 50,000-square-foot office space at 921 S. Washington Ave. in Minneapolis. The lease, which starts in February 2025, has a term of 20 years. The move involves significant renovations led by KimbleCo to align with McKnight's climate and energy goals.
Summary of transaction details
- Property Type: Office
- Transaction Amount: Not available
- Address: 921 Washington Avenue South, Minneapolis
- Market: Minneapolis
SFT Holdings, represented by Gavin Cockerill, is the landlord for the 50,000-square-foot office space at 921 S. Washington Ave. Eric Rapp, Mike Salmen, and Reed Christianson of Transwestern act as the landlord's representatives. On the other hand, Julie Kimble of KimbleCo represents the McKnight Foundation, the tenant in this lease transaction.
Players
Minneapolis Office Market Snapshot
Boundary boundary · Office · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93