CRE W Minnesota

Opus Development Corporation to build nine-story office headquarters for Xcel Energy in Minneapolis

Minnetonka, Minn.-based Opus Development Corporation is on a hot streak, with six office and corporate headquarter projects under construction across the country. In all, Opus is in the midst of developing more than 1.1 million square feet of new construction space. The company announced its latest victory on June 19, unveiling its plans to build a nine-story 212,000-square-foot office building in Minneapolis on the southeast corner of Fourth Street and the Nicollet Mall.

[caption id="attachment_13177" align="aligncenter" width="336" caption="A rendering of Xcel Energy's new office building in downtown Minneapolis."] Minnetonka, Minn.-based Opus Development Corporation is on a hot streak, with six office and corporate headquarter projects under construction across the country. In all, Opus is in the midst of developing more than 1.1 million square feet of new construction space.

The company announced its latest victory on June 19, unveiling its plans to build a nine-story 212,000-square-foot office building in Minneapolis on the southeast corner of Fourth Street and the Nicollet Mall. Xcel Energy, a company whose corporate headquarters are located across the street from the new building site, will be the new office project's sole tenant.

Construction on the project is scheduled to begin in 2014, with occupancy planned for 2016.

The new building is an important one for Xcel Energy. In a written statement, Ben Fowke, chairman, president and chief executive officer of Xcel Energy, said that the new office building will make life easier for the company's downtown employees, giving them more efficient, larger and high-tech workspaces.

The new project is also a big one for the city of Minneapolis, whose officials are happy to see Xcel retain its presence in downtown.

"Downtown Minneapolis is our headquarters, and we plan to remain here for the long-term," Fowke said in a statement. "Leasing space in this new building is a prudent, cost-effective way to consolidate our operations, meet our future space requirements and create a great environment for our employees. It also underscores our commitment to our partnership with the city and its busness and community leaders to revitalize downtown Minneapolis."

Dave Menke, senior vice president and general manager for Opus Development Corporation, said that the new office building will play a key role in the redevelopment of the north end of the Nicollet Mall.

The Xcel Energy office building will stand adjacent to the Nicollet Residences, a new high-rise apartment building that Opus Development Corporation is also developing.