LaSalle Investment Management has acquired T3, a 222,000-square-foot, class-A, mixed-use office project in Minneapolis. LaSalle purchased the property on behalf of its U.S. core open-end real estate fund, LaSalle Property Fund (LPF).
Built in 2016, T3 is located within the vibrant North Loop submarket, the city’s downtown entertainment district that has become a hub for mixed-use development given its strong access to shopping, entertainment, amenities and transit. T3 is a modern timber office building combining a brick-and-timber architectural aesthetic with the best-in-class efficiencies and amenities of modern construction.
The property is anchored by Amazon, which occupies approximately 50 percent of the building under a long-term lease, and features roughly 10 years of weighted average lease term with strong future growth potential.
“T3 is an excellent fit for our portfolio, enabling us to increase LPF’s exposure to high-quality creative office properties in desirable markets,” said Jim Garvey, portfolio manager for LPF. “Also, this property offers a durable income stream plus mark-to-market leasing opportunities that provide upside potential.”
