CBRE Arranges 34,000 Square Foot Lease Within Capella Tower

CBRE has arranged a new 34,000 square foot lease within Capella Tower in downtown Minneapolis. The local Minneapolis firm of Northwestern Mutual will relocate within the building, trading the 29th and 30th floors for newly renovated space on the 44th and 45th floors.

CBRE’s Larissa Bodine and Ann Rinde, represented Capella Tower ownership, Shorenstein Properties, and CBRE’s Emily Nicoll and Erin Hoeg represented the tenant, Northwestern Mutual in the transaction.

“Shorenstein understands that the office is now competing with other places that employees want to work. To attract employees to the office, the space must serve as a destination with access to colleagues and unique services not available in other places,” Said Bodine. “By upgrading and investing in meaningful services, amenities, and spaces within the building, Capella Tower will continue to be a place that employees want to be.”

Recent upgrades within Capella Tower include a 5,500 square foot roof deck space, first floor lounge, coffee & wine bar, high-end health club, and conference and training facilities, with more improvements scheduled in the near future. The 53-story Capella Tower is a signature of Minneapolis skyline and is located in the heart of the Minneapolis CBD.

“We have been helping clients since 1857. In order to deliver on the promises we have made, we must build capacity of our advisors, their teams and our staff. Our new space is designed for growth and will deliver the high-class experience our clients have come to expect and very well deserve,” said Mark Heurung, Managing Partner at Northwestern Mutual. “With a premier space for our Private Client Group and Wealth Management Clients, as well as a designated space for staff and team members, we’re accomplishing the needs of our firm and our clients.”

Mr. Heurung added that the company has outgrown their current office space, which they moved into in 2010. With record growth the past two years, they are looking forward to renewing their lease in the same building they have called home the past 12 years, while expanding and re-inventing the workspace to be more open, collaborative, and flexible with hybrid work models.

“Surveys tell us the most compelling reasons to go back to the office for employees include collaborating in person and experiencing spontaneous encounters with their colleagues,” said Nicoll. “Northwestern Mutual has laid the groundwork for future success by optimizing their offices to fit the evolving needs of their clients and employees’ work practices and preferences.”

According to CBRE’s recent Occupier Sentiment Survey, 36% of respondents indicated that a return to the office was already underway and another 26% indicated they would occur by end of Q2 2022.