LaSalle Acquires Premier Mixed-Use Property T3 in Downtown Minneapolis
CHICAGO (June 05, 2018) — LaSalle Investment Management (“LaSalle”) announced the acquisition of T3, a 222,000-square-foot, Class-A, mixed-use office project in Minneapolis, Minnesota. LaSalle purchased this 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 which 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% of the building under a long term lease, and features roughly 10 years of weighted average lease term with strong future growth potential.
Jim Garvey, Portfolio Manager for LPF, commented: “T3 is an excellent fit for our portfolio, enabling us to increase LPF’s exposure to high-quality creative office properties in desirable markets. Also, this property offers a durable income stream plus mark-to-market leasing opportunities that provide upside potential.”
David Schreiber Managing Director of Acquisitions at LaSalle, added: “This Class-A, modern timber office building is a perfect complement to the dynamic North Loop neighborhood, which has emerged as among the most attractive CBD submarkets given its vibrant mixed uses and superb access to mass transit, local amenities and major entertainment venues. T3 exemplifies the character and quality demanded by today’s tenants, while the property’s unique features and high occupancy position it well for strong long-term investment performance.”
About LaSalle Property Fund
LPF invests in and manages a diversified portfolio of high quality, stabilized real estate and real estate-related assets in the industrial, multifamily, office and retail sectors in top markets across the United States. Drawing from LaSalle Investment Management, Inc.’s 35-year track record of core real estate investment on behalf of sophisticated institutional investors, LPF aims to provide attractive risk-adjusted income returns with the potential for superior long-term capital growth.
About LaSalle Investment Management
LaSalle Investment Management, Inc. (together with its global investment advisory affiliates, “LaSalle”) is one of the world’s leading real estate investment managers. LaSalle on a global basis manages approximately $59.5 billion as of Q2 2018 of private and public equity and private debt investments. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. LaSalle Investment Management, Inc. is a wholly-owned, operationally independent subsidiary of Jones Lang LaSalle Incorporated (NYSE: JLL), one of the world’s largest real estate companies. For more information please visit www.lasalle.com.
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