Strong activity continues in the office market for both leasing and sales

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1 Q OFFICE MINNEAPOLIS-ST. PAUL OFFICE MARKET REPORT Strong activity continues in the office market for both leasing and sales SF Absorbed Percent Vacant MARKET INDICATORS Q VACANCY NET ABSORPTION VACANCY 25% RENTAL RATE 20% 16.8% 17.2% 16.7% 16.1% 15.6% 15.2% 14.9% 14.2% 14.5% 15% 10% 5% Q2 NET ABSORPTION 2,000,000 1,500,000 1,000, ,000 0 (500,000) (1,000,000) (1,500,000) (2,000,000) 929, ,779 (1,661,963) (312,099) 981, , , , , Q2 YTD VACANCY AND ABSORPTION TRENDS Vacancy in the Minneapolis-St. Paul office market decreased slightly during the Second Quarter of 2015 to 14.5 percent, down from 14.6 percent at Quarter One. Absorption was positive at 460,602 square feet, bringing the year-to-date total to 300,974 square feet. Overall, vacancy is lowest in the Class A properties in the West submarket, which is posting a low vacancy rate of 8.7 percent, compared to 12.5 percent overall for all Class A. The highest vacancies are in the St. Paul CBD, where the vacancy rate is 18.4 percent overall and 22.1 percent among Class B buildings. TENANT ACTIVITY The Twin Cities office market is showing strong activity, especially along the 394 Corridor and Highway 55. There has also been an increase in tenant interest in Eden Prairie, and even the typically-slow Airport/East Bloomington market is showing an uptick in prospects. There are more users to pursue, especially in the 2,000-15,000-square-foot range. There is an overall lack of larger users in the market, with the prevailing thought being that many of the larger users finalized early renewals when economics were more favorable toward tenants. The office market is showing signs of shifting from a tenant s market to a landlord s, although not across the board. Prime areas include the 394 Corridor near the West End, Class A in upper floors of properties near Nicollet Mall in the Minneapolis CBD and in the Southwest submarket at Centennial Lakes Office Park and Normandale Lake Office Park. Concessions are dwindling at these properties, with not all tenants receiving a full tenant improvement package and free rent incentives are being reduced. Concessions have all but become extinct along the 394 Corridor, where vacancy is tight, and space along Highway 55 is following suit. In slower markets such as the South of the River or 494 Corridor, there are still a few aggressive owners pursuing tenants, which causes more free rent and tenant improvement concessions in these areas. Concessions on renewals are also diminishing, and rates are slowly rising for these existing tenants. Renewing tenants are often paying the quoted rates, and some landlords will even ask for a premium rate if they feel the tenant is a captive one. In the landlord-driven 394 and 55 markets, the probability of a tenant renewing their space is high, whereas the tenants located along 494 and South of the River have more options available and may be less likely to automatically renew their space.

2 TENANT ACTIVITY (CON T.) One noticeable trend in the office market is the increase in lease terms, with a typical five-year lease being replaced by seven- or ten-year terms. Two possible factors for these longer terms include tenants and landlords who don t want to incur transaction costs again, and the high costs of tenant improvements require longer lease terms to cover them. New workplace innovation designs are costly, so longer lease terms are needed to recapture up-front costs. INVESTMENT SALES The investment sales market is seeing signs of growth and strengthened activity as well. Now that buyers and sellers expectations are more aligned after the recession, we anticipate a large uptick in sales, especially among Class B properties and suburban office properties. In fact, we anticipate nearly 60 percent of the suburban office market will be for sale within the coming years. Investors are realizing that returns are leveling off, and are willing to take a lesser return and are lowering their expectations as they discover that rates of return are similar all around the globe. Cap rates are bottoming out, so owners who purchased properties at low rates are finding it to be a great time to sell. However, this activity will most likely end quickly, especially if there are any signs of a market downturn, or if the sale was made without good underwriting and cap rates were based on unsustainable rental rates. FUTURE TRENDS Activity in the coming quarters will include Normandale Lake losing a couple of its larger tenants, such as Weber Shandwick and Varde Partners, to the Minneapolis CBD. Sales activity in the Southwest is picking up, with the owner of the 92-percent-leased Northland Plaza selling a 70 percent ownership stake to Sterling Real Estate Trust, and IRET s entire portfolio on the market with a buyer selected. Swervo Development sold 510 Marquette as a part of a three-building package, which included the Colwell Building and 300 1st Avenue North for $87.5 million. Now that owners are able to achieve optimal pricing for their assets, activity will most likely continue to increase, and many higher-quality Class A buildings will continue to trade hands. In the future, we predict the Minneapolis-St. Paul market to be seen by national investors and companies as a vibrant, urban area, and anticipate more out-of-town investors and tenants taking up residence here. We also anticipate an uptick in vacancy rates, as large companies such as Wells Fargo and UnitedHealth Group consolidate their real estate into large corporate campuses. INVESTMENT SALES IRET properties: Crosstown Centre, Golden Hills Office Center, Three Paramount Plaza IRET is selling most of its office portfolio including 39 buildings in Minnesota. The company is going to change its focus strategically to apartments and medical office space. Northland Plaza Bloomington, Southwest submarket Sterling Real Estate Trust is under contract to purchase a 70 percent ownership stake in Northland Plaza from MetLife. 510 Marquette Minneapolis CBD Swervo Development paid $6.7 million for 510 Marquette in After renovating the project completely, they sold it for a substantial profit in early 2015.

3 Submarket Highlights Q2 ABSORPTION Q2 VACANCY SF Absorbed 400, , , ,000 32,403 19,471 69,336 0 (200,000) (191,332) 18,995 % Vacant % 13.6% 15% 18.4% 15.1% 13.1% 15.0% (400,000) Airport/South of the River Minneapolis CBD Southwest St. Paul CBD St. Paul Suburban West Northwest 5 Airport/South of the River Minneapolis CBD Southwest St. Paul CBD St. Paul Suburban West Northwest MINNEAPOLIS CBD The vacancy rate in the Minneapolis CBD is 13.6 percent, down from 14.0 percent in Quarter One. There was over 300,000 square feet of absorption, including Aimia moving into 57,818 square feet of space at Butler Square, and the Star Tribune moving into 120,000 square feet at Capella Tower. The paper s former home in the CBD was razed to make way for Downtown East, the 1.1 million square foot project that will house Wells Fargo s Minnesota corporate campus. There continues to be a significant disparity in rental rates between properties in the North Loop, along Nicollet Mall, and in Class A spaces above the 20th floor, compared to lower-rise spaces and non-prime locations. In prime areas rates are up significantly, while landlords at non-prime locations are aggressively pursuing tenants. The parking issue discussed in our previous market report is still apparent, and is becoming a concern for businesses attempting to locate their companies in the CBD. Apartment-dwellers are occupying more surface-level parking spaces, reducing the number of spaces available for office employees. Parking is becoming more of an issue in the burgeoning North Loop, where developments like T3 are reducing the number of spaces available. This is causing a trickle-down effect for historical Class B properties like Tractorworks and Butler Square, where rental rates are increasing and landlords are no longer offering significant tenant improvement allowances. Parking costs at these buildings are also rising significantly. Hines began construction on T3, a 210,000-square-foot speculative development being constructed with modern amenities and large floor plates while using wooden construction materials that will fit in with the centuries-old properties in the North Loop. In addition to Wells Fargo at Downtown East, Be the Match, Xcel Energy, and CenterPoint Energy are all under the process of building or renovating new corporate office space. There will be a dramatic increase in vacancy during 2016 as these corporations vacate multi-tenant space to move into their new facilities. T3 Hines began construction speculatively on T3 in the North Loop of the Minneapolis CBD.

4 WEST/NORTHWEST West The vacancy rate in the West submarket is 13.8 percent, which is up from 13.0 percent at Quarter One. Aimia moved out of 143,122 square feet of space at Plymouth Corporate Center for its move to Butler Square in the Minneapolis CBD. In the positive category, Smith Medical moved into 6000 Nathan Lane, exiting its Arden Hills location in the St. Paul Suburban submarket. 494/394 SIZE AND VACANCY COMPARISON The West submarket remains strong, with strong sale activity driving up rents at well-leased properties and new owners attempting to capitalize on this hot market. There is, however, a question of whether these higher rents will be sustainable longterm. One office complex where the landlord is increasing rental rates is at The Parkdales. The Excelsior Group, the new owners, are pushing rental rates up $2-3 per square foot, with plans of upgrading the space. No maintenance or upgrades have actually occurred yet, however. The lack of vacancies on the 394 Corridor, especially near the West End, has caused a spillover effect with increased activity farther west. Tenants who are unable to find space in that very tight section of 394 are now looking to places west of 169 and along the Highway 55 Corridor. Northwest Activity in the Northwest submarket was minimal, with absorption of 18,995 square feet occurring. Stronger activity of over 140,000 square feet in the First Quarter, however, brings the year-to-date absorption total to 159,730. This brought vacancy to 15.0 percent, down from 18.2 percent at year-end The 494 Corridor is larger in both size and amount of vacant space compared to the 394 Corridor. In the 394 Corridor, vacancy is tightest in properties near The West End at Highway 100 and I-394. In the Southwest Submarket, vacancy is lowest along the France Avenue Corridor and at Centennial Lakes Office Park and Normandale Lake Office Park, while properties west of Highway 169 along Highway 62 have higher vacancies. Smith Medical moved into over 100,000 square feet at 6000 Nathan Lane in Plymouth.

5 SOUTHWEST The vacancy rate in the Southwest submarket is 15.0 percent, down from 15.5 percent in Quarter One. There was 109,780 square feet of absorption, led by Vanco, which moved into 29,451 square feet of space at Northland Plaza. Large complexes such as Normandale Lake Office Park and Centennial Lakes Office Park are setting the high rental rates for the area. Both of these properties have seen strong activity in the past months and have low vacancy levels. In addition, the France Avenue Corridor continues to tighten, but properties west of 169 are lagging due to a lack of amenities in close proximity. Given the choice between properties close to Opus Park and those along France Avenue or at Normandale Lake, tenants are choosing the latter locations based available amenities. AIRPORT/SOUTH OF THE RIVER The vacancy rate in the Airport/South of the River submarket is 13.0 percent, down from 13.5 percent and Quarter One. There was 32,403 square feet of absorption, bringing the year-to-date total to 75,528. The main notable transaction in this sub-market was the sale of the Delta campus, which had been on the market for nine years. The Excelsior Group purchased the campus, and plans to renovate th facility. The MOA is a 180,000-square-foot speculative office building under construction in Bloomington at the Mall of America. The property is being built above retail space and a parking structure and quoted rates are high there at $24. Owners are touting the significant amenities available including abundant retail, restaurant and hotel space, mass transit in close proximity and a large amount of parking available during work hours. UnitedHealth Group has been making waves lately in the submarket. While they continue to give space back in the multitenant market as they relocate employees to their new campus in Eden Prairie, there s also uncertainty as to how much space they will keep outside of their corporate campus. The possibility of UnitedHealth Group merging with Aetna brings along the possibility that they will require more space than their current campus has available. Some of UnitedHealth Group s leases on space throughout the Southwest submarket are nearing the end of their terms, and UnitedHealth Group has given no indication or notice of vacating the buildings. We will continue to monitor the activity surrounding this company and its potential relocations. The Offices at MOA is under construction in Bloomington. The former Delta Corporate Campus in Eagan was sold to the Excelsior Group; the company is planning a renovation.

6 ST. PAUL SUBURBAN The vacancy rate in the St. Paul Suburban submarket is 15.2 percent, up from Quarter One s rate of 14.5 percent. Sport Ngin moved into 30,000 square feet at Highlight Center, a former Minneapolis Public Schools property in Northeast Minneapolis that was recently purchased and renovated by Hillcrest development. The addition of this 166,000 square foot property, which is coming online with 136,000 square feet of vacancy, is why there was positive absorption but an increase in vacancy. This corporate activity does not bode well for the Rice Park neighborhood in the CBD. Green Tree will be relocating from Landmark Towers and Lawson Commons in the Rice Park area near the Ecolab Headquarters and Ecolab University, both of which Ecolab will be vacating. Other than Lawson Commons, all of these properties have smaller floor plates compared to what tenants are currently seeking and it may take a long time to fill the space as most large users prefer large floor plates. Obsolete office space in the St. Paul CBD continues to be converted to residential including Sibley Square and the pending redevelopment of the St. Paul Post office into apartments and a hotel. Highlight Center Hillcrest Development bought the former Minneapolis Public Schools property in Northeast Minneapolis, renovated it, and is having strong interest from tenants. Sport Ngin leased 30,000 square feet there. Highlight Center is seeing significant interest from tenants who are willing to pay strong rental rates for the area. One of the main draws of this building is the extensive parking surface, a major differentiator from other buildings in Northeast. Arden Hills is seeing increased vacancy rates, as Smiths Medical moved out of its headquarters and into 6000 Nathan Lane in Plymouth. ST. PAUL CBD The vacancy rate in the St. Paul CBD is 18.4 percent, down from 18.6 percent at Quarter One as 19,472 square feet was absorbed overall. Green Tree Servicing signed a lease for 140,000 square feet at 180 East Fifth, a property located in the Lowertown section of the CBD, close to the new St. Paul Saints stadium. The company will be significantly investing in the property to upgrade the space and use it as efficiently as possible. Ecolab recently bought the Travelers North Tower at 385 Washington where it will consolidate all of its 1,500 employees. Travelers North Tower 385 Washington Ecolab is planning on purchasing the Travelers North Tower and consolidating its employees there.

7 SIGNIFICANT SALE AND LEASE ACTIVITY SALES BUILDING ADDRESS CITY BUYER SELLER SUBMARKET PRICE PRICE PSF SIZE 510 Marquette Building 510 Marquette Ave Minneapolis Spear Street Capital Colwell Building 123 N 3rd St Minneapolis Spear Street Capital 300 First Avenue North Office Building Plymouth Corporate Center The Rosedale Corporate Plaza 300 1st Ave N Minneapolis Spear Street Capital 1405 Xenium Ln N Minneapolis 2685 Long Lake Rd Rosedale Wildamere Properties LLC Lone Star Funds Capitol Office Bldg 525 Park St Saint Paul Lone Star Funds Superior Plaza Willow Creek 1000 Shelard Pkwy 9800 Shelard Pkwy St. Louis Park Plymouth Lone Star Funds Lone Star Funds Plymouth Building 12 S 6th St Minneapolis HRI Properties Associated Bank Building fmr NWA HQ Gateway Office Plaza Gateway Financial Center 5353 Wayzata Blvd 2700 Lone Oak Pkwy 350 W Burnsville Pkwy St. Louis Park Mark Vannelli JV Walt Van Heest Saint Paul Excelsior Group Delta Burnsville WH&H Realty Advisors Swervo Development Corporation Swervo Development Corporation Swervo Development Corporation Minneapolis CBD $37,036, ,700 Minneapolis CBD $34,986, ,704 Minneapolis CBD $13,477, ,305 Carlson RE Co West $62,500, ,436 Equity Commonwealth Equity Commonwealth Equity Commonwealth Equity Commonwealth Heartland Realty Investors Northco RE Services JV Navigator Real Estate Kraus-Anderson St. Paul Suburban $18,384, ,000 St. Paul CBD $6,858, ,309 West $5,814, ,118 Northwest $4,820, ,659 Minneapolis CBD $20,000, ,000 West $14,650, ,620 Airport/South of the River Airport/South of the River $10,400, ,000 $9,250, , Bren Road E Minnetonka Schadegg Property Transwestern Southwest $9,200, ,174 fmr Carlson Cos Hwy 55 Plymouth Thresher Square E&W Eagle Point Office Center II Rasmussen College Office Center Carlson Center East II Falcon Ridge Partners LLC JV Argosy Real Estate Carlson RE Co West $7,000, , S 3rd St Minneapolis Sherman Associates IRET Properties Minneapolis CBD $7,000, , Hudson Blvd Lake Elmo The Dakota REIT rd Ave N Brooklyn Park Goldridge Group LLP 130 Cheshire Ln Minnetonka Weidner Apt Homes Tamarack Hills F Bielenberg Dr Woodbury fmr Nate Clothing 401 1st Ave N Minneapolis The Seville 15 Glenwood Ave Minneapolis Kannegiesser Farms Inc Swervo Development Corporation Rick's Cabaret International Currell Centre 7616 Currell Blvd Woodbury Sara Investment Tamarack Hills - F Bielenberg Dr Woodbury Norgen Group Blackhawk Investment Group LLC Retail Properties of America Lakes Entertainment Inc Northland Commercial Wildamere Properties LLC St. Paul Suburban $5,350, ,578 Northwest $4,800, ,660 West $4,658, ,000 St. Paul Suburban $4,300, ,288 Minneapolis CBD $4,150, ,544 Dean Perlman Minneapolis CBD $4,000, ,760 Midland Loan Services OBO BACM Northco RE Services St. Paul Suburban $3,990, ,674 St. Paul Suburban $3,800, ,816 fmr Pioneer Press 345 Cedar St Saint Paul Stencil Homes Digital First Media St. Paul CBD $3,500, ,300

8 LEASES TENANT BUILDING ADDRESS CITY SUBMARKET SIZE (SF) Green Tree Servicing 180 E 5th St 180 E 5th St Saint Paul St. Paul CBD 141,109 Ally Financial Shoreview Corporate Center 4000 Lexington Ave N Shoreview St. Paul Suburban 62,110 Jamf Software 100 Washington Square 100 Washington Ave Minneapolis Minneapolis CBD 55,808 Pioneer Press 10 River Park Plz 10 River Park Plz Saint Paul St. Paul CBD 31,055 Norcraft Companies Grand Oak Office IV 950 Blue Gentian Rd Eagan Airport/South of the River 20,316 Mahoney Ulbrich Christiansen Russ PA 10 River Park Plz 10 River Park Plz Saint Paul St. Paul CBD 17,880 Atricure Carlson Center East II 130 Cheshire Ln Minnetonka West 16,629 Minnesota Early Learning Academy th Ave th Ave Brooklyn Park Northwest 16,000 Aerotek 8501 Golden Valley Rd 8501 Golden Valley Rd Golden Valley West 13,278 Alarm.com Wells Fargo Plaza 7900 Xerxes Ave S Bloomington Southwest 13,058 CoCo 1400 Van Buren St NE 1400 Van Buren St NE Minneapolis St. Paul Suburban 12,000 Seager, Tufte & Wickhem Fifth Street Towers 100 S 5th St Minneapolis Minneapolis CBD 11,722 Evergreen Medical Technologies Energy Park Place Bldg Energy Ln Saint Paul St. Paul Suburban 10,800 SunOpta One Corporate Center IV 7301 Ohms Ln Edina Southwest 10,664 Vivint Grand Oak Office IX 2854 Hwy 55 Eagan Airport/South of the River 10,567 Genus Renaissance Square - Office 520 Nicollet Mall Minneapolis Minneapolis CBD 10,000 Green Tree Servicing is combining its St. Paul CBD employees into 180 East Fifth in the St. Paul CBD.

9 Market Statistics SUBMARKET TOTAL SF DIRECT VACANT SF % VACANT DIRECT SUBLEASE VACANT SF % VACANT W/SUBLEASE ASKING RATE Q ABSORPTION YTD ABSORPTION AIRPORT/SOUTH OF THE RIVER A 1,713, , % 4, % $ ,876 38,175 B 3,570, , % 61, % $ ,750 22,829 C 1,273, , % % $10.08 (223) 14,524 Totals: 6,557, , % 65, % $ ,403 75,528 MINNEAPOLIS CBD A 13,041,205 1,688, % 220, % $ ,091 (112,230) B 11,062,572 1,593, % 208, % $ , ,661 C 3,698, , % % $ ,738 39,143 Totals: 27,802,562 3,793, % 428, % $ , ,574 SOUTHWEST A 9,473,521 1,152, % 121, % $ , ,308 B 6,142,557 1,229, % 192, % $13.15 (9,829) (29,734) C 851,675 87, % % $ ,511 47,703 Totals: 16,467,753 2,469, % 314, % $ , ,277 ST. PAUL CBD A 2,128, , % 28, % $ ,590 14,114 B 4,779,720 1,054, % 22, % $ (63,062) C 831,936 59, % 0 7.2% $8.00 (21,711) (8,709) Totals: 7,740,323 1,420, % 50, % $ ,471 (57,657) ST. PAUL SUBURBAN A 2,895, , % 65, % $ ,446 57,185 B 6,460, , % 77, % $ ,116 55,801 C 2,165, , % % $8.89 (5,226) (28,086) Totals: 11,521,562 1,739, % 142, % $ ,336 84,900 WEST/NORTHWEST A 5,279, , % 65, % $ ,871 58,641 B 5,927,417 1,168, % 51, % $12.86 (119,297) (91,745) C 2,077, , % 0 8.8% $8.95 (28,435) (22,544) Totals: 13,284,416 1,837, % 117, % $13.71 (71,861) (55,648) WEST A 4,038, , % 55, % $18.26 (44,534) (70,969) B 3,962, , % 13, % $13.44 (136,148) (131,347) C 761,893 63, % 0 8.3% $9.24 (10,650) (1,798) Totals: 8,762,826 1,147, % 68, % $14.34 (191,332) (204,114) NORTHWEST A 1,241, , % 9, % $ ,205 33,337 B 1,738, , % 13, % $ ,751 80,064 C 1,315, , % 0 9.1% $8.38 (2,961) 46,329 Totals: 4,295, , % 23, % $ , ,730 TOTAL ALL MARKETS A 34,532,004 4,307, % 505, % $ , ,193 B 37,943,421 6,525, % 614, % $ ,976 92,750 C 10,898,802 1,279, % % $10.35 (3,346) 42,031 Totals: 83,374,227 12,112, % 1,120, % $ , ,974 The above table is summarized data on multi-tenant office buildings greater than 20,000 square feet. Not included are single-tenant, owner-occupied, medical or government buildings.

10 Market Statistics (EXPANDED MARKET) SUBMARKET TOTAL SF DIRECT VACANT SF % VACANT DIRECT SUBLEASE VACANT SF % VACANT W/SUBLEASE ASKING RATE Q ABSORPTION YTD ABSORPTION AIRPORT/SOUTH OF THE RIVER A 2,368, , % 4, % $ ,770 43,425 B 6,462,160 1,042, % 61, % $11.93 (59,709) (92,571) C 2,937, , % % $ ,004 44,051 Totals: 11,767,692 1,728, % 65, % $12.03 (24,935) (5,095) MINNEAPOLIS CBD A 13,805,787 1,693, % 220, % $ ,726 (114,595) B 14,451,096 1,615, % 208, % $ , ,824 C 5,622, , % 0 9.1% $ ,667 36,472 Totals: 33,879,008 3,822, % 428, % $ , ,701 SOUTHWEST A 12,821,141 1,470, % 172, % $ , ,475 B 8,382,674 1,375, % 194, % $ ,342 (15,891) C 3,030, , % 0 7.2% $ , ,878 Totals: 24,234,224 3,063, % 366, % $ , ,462 ST PAUL CBD A 2,773, , % 28, % $ ,123 14,114 B 5,717,264 1,054, % 22, % $ (63,062) C 3,002,535 83, % 0 2.8% $7.00 (21,711) (4,653) Totals: 11,493,759 1,447, % 50, % $ ,004 (53,601) ST. PAUL SUBURBAN A 4,206,783 1,008, % 65, % $ ,570 48,647 B 10,852,173 1,123, % 84, % $ ,916 58,499 C 7,354, , % 0 4.2% $8.05 (5,376) (23,564) Totals: 22,413,519 2,444, % 149, % $ ,110 83,582 WEST/NORTHWEST A 8,381, , % 65, % $ , ,284 B 9,443,529 1,388, % 51, % $12.49 (110,784) (91,024) C 5,154, , % 0 4.0% $9.70 (30,953) (22,397) Totals: 22,979,235 2,175, % 117, % $13.39 (96,423) 38,863 TOTAL ALL MARKETS A 44,357,137 5,240, % 556, % $ , ,350 B 55,308,896 7,600, % 622, % $ ,001 5,775 C 27,101,404 1,841, % - 6.8% $ , ,787 Totals: 126,767,437 14,682, % 1,179, % $ , ,912 The above table is summarized data on multi- and single-tenant office buildings greater than 10,000 square feet. Owner-occupied properties are also included. Not included are government or medical buildings.

11 For further information please contact: William M. Wardwell SIOR Executive Vice President, Brokerage Minneapolis-St. Paul DIR FAX MINNEAPOLIS-ST. PAUL 4350 Baker Road Suite 400 Minnetonka, MN

12 MARKET REPORT Q OFFICE MINNEAPOLIS-ST. PAUL 502 offices in 67 countries US $2.3 billion in annual revenue 16,300 professionals and staff 1.7 billion* square feet under management $97 billion USD in total transaction value * Square footage includes office, industrial and retail property under management. Residential property is excluded from this total. All statistics are for Minneapolis-St. Paul 4350 Baker Road, Suite 400 Minnetonka, MN DIRECT Accelerating success.

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