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JLL and KBS ink lease for 15,187 square feet of trophy office space at 710,332-SF Class A office tower, 60 South Sixth
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
JLL and KBS have signed a 15,187 square foot lease with HNTB at 60 South Sixth, a premier office building in Minneapolis. This move marks HNTB's relocation from the West End to the renovated downtown space. Since 2015, KBS has invested over $24 million in upgrades, with $6.5 million spent in 2022 alone. The building features modern amenities such as floor-to-ceiling windows, a high-end fitness center, and convenient dining options. Additionally, 60 South Sixth now offers fully furnished spec suites designed for hybrid work models, enhancing its appeal to prospective tenants.
Positive
New lease signed for 15,187 square feet with HNTB, indicating demand for office space in Minneapolis.
KBS invested over $24 million in renovations since acquiring 60 South Sixth, enhancing property value.
Recent improvements include $6.5 million spent in 2022 on common areas and tenant amenities.
Introduction of fully furnished spec suites accommodating hybrid work models may attract more tenants.
Negative
None.
Tenant HNTB is relocating from the West End to the newly renovated downtown building owned by KBS.
MINNEAPOLIS--(BUSINESS WIRE)--
JLL and KBS, one of the largest investors in premier commercial real estate in the nation, announce that they have signed a new 15,187 square foot lease with American infrastructure design firm HNTB on the 38th floor at 60 South Sixth, formerly known as RBC Plaza. The trophy office tower, owned by KBS, is located in the core of downtown Minneapolis, Minnesota. KBS Real Estate Investment Trust III owns 60 South Sixth.
Renowned for its refined yet accommodating office atmosphere, 60 South Sixth is a world-class, 40-story office building on the Nicollet Mall. Immersed in city energy, it touts impressive, best-of-both-worlds views of the Mississippi River and the Minneapolis skyline. In addition, the building offers thoughtful amenities and features designed with tenant ease in mind, including floor-to-ceiling windows, comfortable yet modern furnishings, and a variety of on-site and nearby dining and retail options.
Since purchasing the building in 2015, KBS has invested over $24 million in renovations. In 2022, the firm spent over $6.5 million on the refurbishment of common areas and the fitness center. More enhancements are on the horizon as designs are underway to deliver another tenant lounge space.
"Our goal was to be as purposeful with our selections as possible to create an extraordinary working environment for our tenants," said Ryan Pires, asset manager for 60 South Sixth and Assistant Vice President at KBS. "We believe we have achieved this in the open and relaxed, yet programmed and energetic atmosphere. These offerings complement our state-of-the-art fitness center, expansive tenant and business lounge and shared conference center. The property’s top-tier amenities, along with its proximity to light rail transit, retail and dining, make it one of the most desirable properties for office users in downtown Minneapolis."
To kick off the year, 60 South Sixth debuted two full floors of high-end, fully furnished spec suites. Located on the 11th and 12th floors, the seven spec suites feature a variety of amenities including: high-end technology, phone rooms, shared conference rooms, a wellness room, Herman Miller furniture systems designed to accommodate growth and hybrid work models, café spaces, collaboration hubs and cityscape views.
60 South Sixth was constructed with a climate-controlled skyway that links to a two-story retail atrium that offers fast casual dining options. The building also features high visibility branding and signage options for interested tenants.
"In the competitive office environment we are all living in today, 60 South Sixth will impress companies that seek to elevate their office space and building amenities for their employees,” shared Andrea Leon, Vice President at JLL. "We're excited to have HNTB join the 60 South Sixth community and look forward to working with KBS to lease more office space in this world-class building.”
JLL Managing Director Brent Robertson, Vice President Andrea Leon represented KBS in the lease transaction and JLL Senior Vice President Eddie Rymer represented HNTB. For more information on the property and leasing opportunities, visit jll.com/Minneapolis.
For spec suite photos, please visit here and for lobby photos please visit here.
About JLL JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About KBS
Celebrating 30 years in business, KBS is one of the largest investors 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 more than $44.7 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 its 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 60 South Sixth and of the Minneapolis real estate market. These statements are subject to known and unknown risks, uncertainties and other factors which may cause 60 South Sixth’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.
