TCF landlord eyes redevelopment after bank leaves
Sam Black | Minneapolis/St. Paul Business Journal
TCF Financial is leaving its downtown Minneapolis office complex.
Franklin Street Properties[5] always knew that the namesake tenant for its TCF Tower and TCF Bank[6] Building could leave its downtown buildings.
When Franklin Street bought the adjoining buildings in 2010 from Ryan Cos. US Inc.[8], it underwrote them knowing that the bank could leave one day. Now, TCF has confirmed that it's leaving downtown and taking 1,150 employees as it consolidates several metro offices into a larger space in Plymouth. The possibility was reported by the Business Journal two weeks ago[9].
"TCF has been a good tenant in the building," said Will Friend[10], vice president-regional director for Wakefield, Mass.-based Franklin Street.
"No landlord wants to lose a major tenant like TCF," he said. "We certainly are not surprised at their decision to relocate given our recent conversations as well as the news of late. We wish them the best."
TCF Tower, the multi-tenant building at 121 S. Eighth St. next to the Foshay Tower, is probably going to stay as it is. Franklin Street is finishing up some common area renovations to that property this year.
But Franklin Street has already started figuring out what to do with the TCF Bank Building, at 801 Marquette Ave. It already started talking about redevelopment scenarios with Minneapolis-based Ryan Cos, who continues to manage both downtown TCF buildings.
Ryan, one of the region's largest developers, began working on plans for an office tower at that site before the recession hit and Friend said Ryan is assisting with the evaluation today.
Friend said it is too early to discuss details including size or designs of a new building.
The site is one of, if not the, best locations in downtown Minneapolis, Friend said. "We are fully aware of the development potential of that site."
Sam Black covers real estate, manufacturing and economic development
References
- ^ Sam Black (feeds.bizjournals.com)
- ^ This email address is being protected from spambots. You need JavaScript enabled to view it. (feeds.bizjournals.com)
- ^ Twitter (twitter.com)
- ^ Google+ (plus.google.com)
- ^ Franklin Street Properties (www.bizjournals.com)
- ^ TCF Bank (www.bizjournals.com)
- ^ Now it's a reality. (www.bizjournals.com)
- ^ bought the adjoining buildings in 2010 from Ryan Cos. US Inc. (www.bizjournals.com)
- ^ was reported by the Business Journal two weeks ago (www.bizjournals.com)
- ^ Will Friend (feeds.bizjournals.com)