Golub & Company, an international real estate investment and development firm, in partnership with private equity firm Oaktree Capital, purchased RSM Plaza in December of 2015. Shortly thereafter, a two-phase, multi-million dollar renovation plan was unveiled, including the addition of brand new amenities, an improved skyway connection, and upgrades to the Nicollet Mall entrance and building exterior.
Phase I of the renovation included the addition of a 6,000 SF fitness center exclusively for tenants' use, programmed with daily instructor-led classes, weight training and cardio equipment and locker rooms. A vacant space was transformed into a conference center with seating for 55 people and an executive board room with 24 seats. The conference facility also offers seamless A/V technology and a pantry area for catering. To accommodate the growing number of employees who bike to work, a 65-stall bike room in the West Tower was added, furnished with individual lockers and a convenient multi-tool bike fix station.
Phase II, which began in the fall of 2017, represents the most significant improvements to the building with a new skyway connection, enhancements to the Nicollet Mall entrance and building exterior, and a new pocket park. Notable architects Perkins + Will were tapped to reimagine the skyway route, taking advantage of the space formerly occupied by Barnes & Noble. RJM Construction brought the vision to life by infilling the floor openings and exposing the 14-foot ceilings and expansive glass line along 8th Street. This resulted in an expanded skyway with over 130 feet of new storefront retail, changing the way people move through the building. The West Tower elevators were also reactivated and now stop on the skyway level, giving all West Tower tenants direct access. Brand new escalators now drop into the 31-foot, two-story lobby and Nicollet Mall entrance, a light-filled space accented with custom wood ceilings. Ownership has plans for a future restaurant to occupy the first floor space along Nicollet Mall.
The new Nicollet Mall entrance also shares a glass line with the Panera courtyard between the West Tower and neighboring building to the south. This area, long-underutilized, was reimagined as a pocket park, an amenity both tenants and the public can enjoy. The transformation will include a new Panera storefront, landscaping with trees and planters, and various benches and soft seating options. The two-story vision glass along with the park's north wall will bring a sense of the outdoors inside the West Tower lobby and allow natural light to pass through.
Exterior improvements will include replacing all the spandrel glass on Nicollet and 8th Street, as well as replacing older granite and adding new accent lighting.
The 415,000 SF property, originally built in 1969, is located on Nicollet Mall at 8th Street, the "Main and Main" of downtown Minneapolis. The building features 29,000 SF floor plates in the East Tower and 12,000 SF floor plates in the West Tower allowing a variety of tenant uses. In addition, it has over 867 parking stalls on site, one of the largest private ramps downtown.
To view renovation photos and renderings, please click here
About Golub & Company LLC
Since its founding more than 55 years ago, with three generations of professionals working in the business, Golub & Company has built a strong reputation as a trusted co-investor and developer with its many institutional and private capital partners. It's a reputation based on track record; Golub and its affiliates have owned, leased or managed more than 50 million square feet of commercial, mixed-use and multifamily real estate properties, including 45,000 residential units, valued in excess of $10 billion located across the United States and internationally. Access more information by visiting www.golubandcompany.com.