CRE W Minnesota

Tim Murnane: Helping Opus thrive in the Twin Cities

tim-murnane
Tim Murnane

Tim Murnane hasn't been idle during his 31 years in commercial real estate. Far from it. He's led the development and leasing of more than 10 million square feet of office, industrial and retail properties during his more than three decades in the industry.

Tim Murnane President and chief executive officer Opus Holding, LLC Minnetonka, Minn.

Tim Murnane hasn't been idle during his 31 years in commercial real estate. Far from it. He's led the development and leasing of more than 10 million square feet of office, industrial and retail properties during his more than three decades in the industry.

And for the last two decades, Murnane has been closing these deals with Minnetonka, Minn.-based Opus Holding, LLC.

The Opus Group of companies is thriving today under Murnane's leadership. The company is not only active in the Twin Cities region, it's also doing solid business in Nebraska, Illinois, Iowa and other Midwest states. And the company isn't slowing its growth. In October Opus opened a new office in St. Louis to help boost its presence in the key Midwest state of Missouri.

Among the many notable developments that Murnane has led is Arbor Lakes, a 435-acre master-planned mixed-use community in Maple Grove, Minn. This development of 2.5 million square feet has been an economic boon to the Twin Cities region. The development was so successful that it created demand for a 412,000-square-foot retail addition that came online in 2003. The $75 million The Shoppes at Arbor Lakes debuted as the first lifestyle center in Minnesota.

Murnane also led Opus' development of the Best Buy Corporate Campus in Richfield, Minn. This 1.6-million-square-foot headquarters for the electronics giant was made possible only after Opus negotiated a tax-increment financing package for the project.

Murnane first began making his mark at Opus in 1984, when he joined the company. He was there duirng the country's real estate collapse in 2008 and 2009, too. Those were difficult years for Opus. The company, in fact, nearly disappeared during these lean years.

Murnane in 2010 took over as president of Opus Holding, Inc. and Opus Holding LLC and chief executive officer in January of 2011. Since this time, Murnane has led Opus -- and its operating companies Opus Development Corporation, Opus Design-Build and Opus AE Group -- to a resurgence. In one 20-month period, the revitalized company closed 100 transactions. The portfolio of work includes nine corporate headquarters under construction such as Gavilon in Omaha, Xcel Energy in Minneapolis and Church & Dwight in New Jersey.

Today, Opus boasts an estimated pipeline of $1.5 billion. Much of the credit for this success goes to Murnane's leadership abilities.