Jay Sachetti joined Jeff O’Brien, partner at Husch Blackwell and Dyanne Ross-Hanson, president of Exit Planning Strategies talked about the market for mergers and acquisitions, exit planning opportunities for companies that don’t end up for sale and how companies can maximize their eventual sale price during an early October panel at the first Upsize on Tap event at Summit Brewing Co. in St. Paul.
When the state Legislature passed a law requiring employers to provide paid leave and safe time for employees, Justin Bieganek started hearing differing details from friends, colleagues and peers.
The “small suites” at Fifth Street Towers in downtown Minneapolis are attracting enough tenants that expansion plans are underway. With 11 of the original 19 suites leased, five more will be ready by June 1.
About a year ago, the building was redone to include spec suites (meaning they were built without having tenants in hand) of 1,000 to 4,000 square feet each. “We’ve seen a lot of movement especially of small tenants downtown,” says Adam Barrett, the CB Richard Ellis broker at the building.
“We have a strong marketing campaign. We send to businesses of 10 to 50 people,” he says. The space leases for $14 per square foot net.
Amenities include conference rooms and training rooms, decked out with technology that can be too expensive for small firms to afford on their own. Tenants can rent the rooms for $35 an hour. A concierge is available too.
A short-form lease is offered to smaller tenants, which Barrett says boils down the legal jargon to the most important points, and may hold down attorney costs to review a 30-page lease vs. a typical 60-pager.
Barrett says although it’s “always nice” to land a huge tenant for a building, he enjoys working with small clients. “It’s really fun. It’s almost like they’re picking out a house. It might be the first Class A space they’ve had,” he says.
Adam Barrett, CB Richard Ellis: 612.313.7405; ad**********@**re.com; www.cbre.com
