Office W Minnesota

New lease means that U.S. Bancorp will remain a fixture in downtown Minneapolis

U.S. Bancorp will remain at its Nicollet Mall property in Minnesota well into the next decade.

U.S. Bancorp will remain at its Nicollet Mall property in Minnesota well into the next decade.

Piedmont Office Realty Trust, Inc. recenlty completed a 10-year 395,493-square-foot lease renewal with U.S. Bancorp at its 800 Nicollet Mall property in Minneapolis. The new lease will take effect in June of 2014.

This transaction is an important one for the Twin Citis. Minneapolis-based U.S. Bancorp is the parent of U.S. Bank National Association, the fifth-largest commercial bank in the United States.  Employees of U.S. Bancorp have worked in the office tower that bears its name, U.S. Bancorp Center, since 2000. The bank employs more than 10,000 employees in the Twin Cities, up nearly 13 percent since the start of 2008. Including U.S. Bancorp Center at 800 Nicollet Mall, U.S. Bank occupies more than 2.8 million square feet of space in the metro Minneapolis/St. Paul area.

"As a proud Twin Cities-based company, we're happy to renew our commitment to our headquarters city of Minneapolis,” said Elliot Jaffee, Minnesota market president for U.S. Bank. “Not only are we keeping the same amount of space, we are upping our commitment by another decade.”

U.S. Bancorp renewed and will retain the same amount of space in 800 Nicollet Mall that it occupies today, just less than 400,000 square feet.  The new lease carves out Piper Jaffray, which U.S. Bancorp spun off in 2003. Piper Jaffray renegotiated its own direct lease with Piedmont earlier this year.

Russ Nelson and Tina Hoye of Nelson Tietz & Hoye represented the tenant in the transaction.  Piedmont senior vice president Ken Mulrane facilitated negotiations on behalf of the owner.

“The headquarters presence of such a highly regarded tenant as U.S. Bancorp has helped to make our building and Nicollet Mall a notable Minneapolis landmark,” said Mulrane. “We have appreciated and valued a positive and long-term relationship with many people at the bank and look forward to that continuing in the years ahead."

U.S. Bancorp Center opened in 2000 and is situated in the Nicollet Mall Business District in downtown Minneapolis.  The building offers an array of public spaces and an indoor Skyway that connects the street level and second floor with neighboring buildings.

“We are thrilled that Richard Davis and U.S. Bancorp leadership have provided further evidence of their strong commitment to the Greater MSP region through this long-term extension of their headquarters facility lease in downtown Minneapolis," said Michael Langley, president and chief executive officer of GREATER MSP, Minneapolis Saint Paul’s regional economic development partnership.  “This decision reinforces the strength of our region as a global leader in financial services, as well as home to more corporate headquarters, per capita, than any region in the United States."