Market Transaction: Real Estate

Property: Renaissance Square

Buyer: Catalyst RS, LLC

Seller: RSX, LLC

Source: Seller

Sale Date: January 2008 (purchase agreement); April 2008 (closing)

Sale Price: $9,875,000

Unit Price: $69.66 per net rentable area

Net Rentable Area: 141,750 square feet

Gross Building Area: 167,938 square feet

Zoning: B4-2

Utilities: All available

Topography and Soil: Level

Visibility and Access: Good

Age: 1898; renovated 1983 and 2008

Land Size: 18,766 square feet

Remarks: RSX, LLC purchased Renaissance Square from Xcel Energy in 2005 for $12 million. Reluctant to lease to small space users, RSX, LLC sought only large tenants. As a result, the building has remained vacant since Xcel Energy moved out-14 months after selling it to RSX. The new owners (Catalyst RS, LLC) are in the process of renovating the building as a Class A 'boutique' office building similar to the Young Quinlan Building. Renovations include underground parking for 35 vehicles, upgrades to the lobby and corridors, as well as tenant improvements. Lease rates are expected to range from $15 to $17 per square foot net with projected operating expenses of $9.50 per square foot. Tenant allowance is estimated at $30 to $35 per square foot and rental concessions are available. DLR Group, which is relocating from Eden Prairie, signed a lease at Renaissance Square for 25,000 square feet.

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