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921 Washington Avenue South

McKnight Foundation Signs 20-Year Lease For 50,000 SF Office Space In Minneapolis
LEASEDOffice

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

Reed Christianson

Transwestern

Broker

3 deals

Broker

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