Construction Begins on 11-Story Speculative Office Building in St. Louis Park
Ryan Companies and The Excelsior Group officially broke ground last Thursday, October 24, in a ceremony that marks the start of 10 West End, a 343,000 square foot 11-story Class A speculative office building being constructed in the West End of St. Louis Park, Minnesota. Ryan Companies will design and build the project with co-developer Excelsior Group. ACORE Capital, a leading commercial real estate finance company, provided the financing. 10 West End is located just four miles west of downtown Minneapolis with portions of the project extending into the city of Golden Valley.
The groundbreaking program featured remarks by Mike Ryan, President of Ryan’s North Region, Shep Harris, Mayor of the City of Golden Valley, Tim Brausen, City of St. Louis Park Ward 4 Council Member, Chris Culp, CEO of Excelsior Group, and Tony Barranco, Senior Vice President of Development Ryan Companies.
Planning for 10 West End has been in the works since 2016, and Ryan Companies and Excelsior Group closed on the construction financing on October 1, 2019. 10 West End will be the first speculative Class A office building constructed in over 18 years in the I-394 corridor. Located in the vibrant West End, the new building will be a dynamic landmark for the cities of St. Louis Park and Golden Valley.
“We are grateful to the cities of St. Louis Park and Golden Valley for their partnership in making 10 West End a reality today,” said Mike Ryan at the groundbreaking celebration, “Along with the Excelsior Group team, we couldn’t be more thrilled to bring this project to such a lively, thriving area.”
Ryan A+E is designing the building and Ryan Construction will build the project. Focusing on today’s dynamic workforce, the project will include walkable amenities, abundant outdoor spaces, strong parking ratios and modern on-site amenities including open-air balconies on every floor, a sky deck, and collaborative lobby workspaces. 10 West End incorporates timeless expression with modern detailing and a distinctive roof expression. Heavy brick arches below classic punched openings give way to a much lighter glass, steel and wood expression at the top of the building. Ample outdoor space is incorporated at multiple levels and the building flows from interior to exterior, front to back, through a dramatic entry and lobby sequence. The outdoor amenity is complimented by the adjacent park and public realm of the West End district.
10 West End has immediate access to I-394 and Hwy 100 and is surrounded by miles of bike trails, 20 restaurants, and over 450 new apartments. Typical floor sizes of 10 West End will be 30,362 square feet with ceiling heights ranging from 10’ 2” finished and 13’ 5” unfinished. The building will be LEED Certified with a free parking ramp and surface parking available, as well as secure tempered executive parking.
Leasing is being led by Transwestern Principal Mike Honsa. Leasable space ranges from 8,000 square feet to the entire building with the potential of a second similar sized tower south of the first building as a part of a potential phase two.
About The Excelsior Group
The Excelsior Group (TEG) is a full-service real estate firm specializing in commercial and residential real estate ownership, acquisition, management, development, and leasing, as well as home-builder finance. TEG provides boutique-level service, delivered in an honest and ethical manner to both private and institutional investors. Current management contracts include more than 2,100,000 SF of commercial real estate, 2,000 apartment units, 2,200 acres of raw land, and 400 single-family home lots. Further, TEG manages an affiliated family of investment funds – Opportunity Partners Funds I, II, III, and IV. In addition, the principals of TEG have developed in excess of 850,000 SF of office, industrial, retail, multifamily and residential real estate properties, and currently have 195 apartment units under development. Please visit ExcelsiorLLC.com for more information.
About ACORE Capital
ACORE Capital, LP is a commercial real estate finance company focused on originating, acquiring and managing first mortgages, B-notes, mezzanine debt and preferred equity throughout the United States. ACORE, which is an acronym for Alpha Commercial Real Estate, specializes in providing borrowers with customized financing solutions at competitive rates and flexible terms. For investors, ACORE is focused on generating alpha through attractive commercial real estate debt investments coupled with superior risk management. For more information, please visit acorecapital.com.
