2018 BOMA Market Report

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Calvin Malone
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1 218 OMA Market Report Greater Saint Paul OMA

The Total Universe of office space in the Saint Paul entral usiness District is 15,649,42 square feet. This total is divided among ompetitive, Owner -occupied and Government space.

In reviewing the current data, several trends are noteworthy. Owner-occupied space, as a percentage of the Total Universe, is unchanged.

2 The Total Universe of office space in the Saint Paul entral usiness District is 15,649,42 square feet. This total is divided among ompetitive, Owner -occupied and Government space. The Total Universe Historical omparison provides a valuable long term perspective on market trends within these three categories in downtown Saint Paul. In reviewing the current data, several trends are noteworthy. Owner-occupied space, as a percentage of the Total Universe, is unchanged. Government space, as a percentage of the Total Universe, is unchanged. ompetitive space, as a percentage of the Total Universe, is unchanged. The total square feet is trending downward. The most significant changes in the Total Universe were : The removal of Park Square ourt uilding (-129,321 sf) The removal of the ity Hall Annex (-85,384 sf) The removal of the apital Professional Office uilding (-34,32 sf) The addition of The 428 (+63,25 sf) onversion of office space to residential in FN (-175, sf)

The Saint Paul D consists of 7,645,357 square feet of ompetitive office space. For the purposes of comparison, this office space is grouped into three classes, A, &.

A combination of factors including rent, building finishes, system standards and efficiency, building amenities, location/accessibility and market perception are used as relative measures.

3 The Saint Paul D consists of 7,645,357 square feet of ompetitive office space. For the purposes of comparison, this office space is grouped into three classes, A, &. These classes represent a subjective quality rating of buildings which indicates the competitive ability of each building to attract similar types of tenants. A combination of factors including rent, building finishes, system standards and efficiency, building amenities, location/accessibility and market perception are used as relative measures. lass A Most prestigious buildings competing for premier office users with rents above average for the area. uildings have high quality standard finishes, state of the art systems, exceptional accessibility and a definite market presence. lass uildings competing for a wide range of users with rents in the average range for the area. uilding finishes are fair to good for the area. uilding finishes are fair to good for the area and systems are adequate, but the building does not compete with lass A at the same price. lass uildings competing for tenants requiring functional space at rents below the average for the area. The overall vacancy rate for ompetitive office space in the Saint Paul D is 19.1% (1,458,167 square feet), a decrease from 2.8% (1,65,173 square feet) in 217. Vacancy is lowest in lass A space (17.7%) and highest in lass space (2.9%).

4 The overall ompetitive vacancy rate moved lower from 217 to 218, due to some transition and consolidation in the market. The vacancy trend for Individual classes (A, & ) varies. A and moved higher, while decreased.

5 Absorption is a measurement of the increase or decrease in occupied office space that occurs during a given period of time. Absorption in downtown Saint Paul s ompetitive office space from 217 to 218 is -144,372 square feet. Overall absorption is -22,534. In general, the reasons for positive absorption include changes in occupancy, building reclassification, building remeasurement, and adjustments in square footage being offered for lease. Absorption figures are negatively impacted when buildings are removed from the total universe. The ompetitive absorption total was negatively impacted by the loss of leased space in Landmark Towers, Park Square ourt, and the apital Professional Office uilding, of which, the latter two are being converted to hotel or residential space.

Each building s rental rate applies to rentable square feet and represents the average listing rate for that property.

6 The quoted median gross rental rate for office space is the sum of the net rental rate and operating expenses, including property taxes. Net rental rates and operating expenses were provided by the building owners, managers, and leasing agents surveyed for this report. Each building s rental rate applies to rentable square feet and represents the average listing rate for that property. Several factors impact the actual rental rate in a lease transaction, including location inside the building, improvements made, parking availability, lease term, credit, services, and more.

7 Name 4 uilding 4 North Robert Landmark Towers 345 St. Peter Lawson ommons 38 St. Peter # of Floors Total S.F. Avail. S.F. Floor Plate SF 375,24 1,557 17, ,959 13, ,891 25, Varies 34, Net Rate Op. & Taxes $1-$12 office $12.8 $12.-$13. $14.48 $15.5-$16.5 $13.69 Parking in the uilding () lose or Nearby () or None available (N) ompany ontact Phone ushman Wakefield/NorthMarq Ann Stahley ann.stahley@cushwake.com Thompson National Properties, LL Nan Hynes nan.hynes@cbre.com Frauenshuh, Inc. Jason utterfield jason.butterfield@frauenshuh.c om The Minnesota 5 63,25 55,286 12,617 (2,3,4 Floors) $18.-$2. $8.3 ops $1. taxes ommercial Real Estate Services, Inc.: Pat Wolf and Sherry Hastings (651) patwolf@cres-inc.com shastings@cres-inc.com Town Square Tower. 445 Minnesota ,14 74,1 12, $9.-$11. $1.5 olliers International Eric Rapp eric.rapp@colliers.com US Plaza 444 edar ,653 41,886 12,373 $1.-$12. $11.72 Jones Lang LaSalle Jon Dahl jon.dahl@am.jll.com Wells Fargo Place 3 East 7th ,895 86,689 14,682 in the tower. 3-level atrium approx. 65, per floor $17.-Tower; $14.72 ushman Wakefield/NorthMarq Eric King eric.king@cushwakenm.com Total S.F. Total Avail. S.F Vacancy Rate 2,193, , %

Name # of Floors Total S.F. Avail. S.F. Floor Plate SF Net Rate Op. & Taxes Parking in the uilding () lose or Nearby () or None available (N) ompany ontact Phone Email 18 E.

8 Name # of Floors Total S.F. Avail. S.F. Floor Plate SF Net Rate Op. & Taxes Parking in the uilding () lose or Nearby () or None available (N) ompany ontact Phone 18 E. 5th ,86 243,785 approx. 51, $9.5- $11. $1.37 auch Enterprises Julie A. auch julie@bauchenterprises.com 375 Jackson 7 211,722 26, 14, (E. ldg) 22, (W. ldg) $7. $12. Madison Equitees Todd Erager todd@madisonequities.biz 443 Lafayette Road 4 112,882 $9.1 $8.18 Meritex Enterprises Fred Koehler (tenants only) fkoehler@meritex.com 444 Lafayette Road 6 32,265 $12.38 $7.3 Meritex Enterprises Fred Koehler (tenants only) fkoehler@meritex.com 5 Lafayette Road 6 147,9 $13.8 $8.46 Meritex Enterprises Fred Koehler (tenants only) fkoehler@meritex.com. 52 Lafayette Road 6 164,225 $11.9 $8.7 Meritex Enterprises Fred Koehler (tenants only) fkoehler@meritex.com 555 Park Office uilding 4 5,215 12,17 13,46 $8. $11.83 Kraus Anderson Dave Stalsberg dave.stalsberg@krausanderson.c om 81 On Seventh 4 47,273 4,375 12,5 Negotiable $1.22 ommercial Real Estate Services,Inc. Pat Wolf patwolf@cres-inc.com

9 Name # of Flo ors Total S.F. Avail. S.F. Floor Plate SF Net Rate Op. & Taxes Parking in the uilding () lose or Nearby () or None available (N) ompany ontact Phone Alliance ank enter 55 East 5th 16 22,127 76,824 11,6 $9.-$1. $9.97 Security National Properties Jim Kelly jim@kellybrothersltd.com apital Office uilding 525 Park 5 75,39 4,257 15,426 $1.-$12. $1.75 / ray Plaza 38 Jackson 7 219, ,68 Varies per floor, 57,- 13, $9.-$12. $9.57 Thompson National Properties, LL Nan Hynes nan.hynes@cbre.com Drake uilding 6 Plato lvd. East 4 83,859 6,117 21,6 $1.-$12. $1.85 Wellington Management Inc. Kori L. DeJong kdejong@wellingtonmgt.com Ecolab University enter 386 North Wabasha ,64 1,941 $12 $13.2 olliers International Eric Rapp eric.rapp@colliers.com Empire ldg, Endicott, Arcade ldg 36 North Robert 7 6, 6, 57, $ - Madison Equitees Todd Erager todd@madisonequities.biz First National ank uilding 332 Minnesota 31 Wes t 485,85 2, 1,213 (West ldg) & 6, (North ldg.) $9.-$1. $1.2 Madison Equitees Todd Erager todd@madisonequities.biz Gallery Professional uilding 17 West Exchange 8 17,514 49,22 14,262 $14.5-$15 $14.7 Healthcare Mgmt of America, Inc. indy otcamp cindycotcamp@htareit.com

10 Name and # of Floors Total S.F. Avail. S.F. Floor Plate SF Net Rate Op. & Taxes Parking in the uilding () lose or Nearby () or None available (N) ompany ontact Phone Gallery Towers 514 St. Peter 2 ommer cial, 2 total 24,936 19,337 11,695 $8 $9 Ted Glasrud & Associates Paul uchmayer pbuchmayer@tedglasrud.com Gilbert uilding 413 Wacouta 5 46,29 16,66 $7.- $1. $12.1 Suntide Ryan Oxton ryan@suntide.com Golden Rule uilding 85 East 7th Place 6 289, , $1-12 $9.87 (connected by skyway) ommercial Real Estate Services,Inc. Pat Wolf patwolf@cres-inc.com Guardian uilding 366 Jackson 5 25, 5, - Guardian Michelle Stoltz michelle@andersonadvocates.com Hamm uilding 48 St. Peter 6 26, 25, 2 floors at 38, 4 floors at 28, $9.- $11. $12.41 Excelsior Group Rob Davis rob.davis@excelsiorllc.com Osborn Wabasha St N 19 (tower) plus lower levels 28, ,53 9,986 $1.5 - $16 $11.73 Schafer Richardson Denise Mcormick dmccormick@sr-re.com Public Housing Agency Saint Paul 555 N. Wabasha St. 4 48,582 14,53 $16 gross & Public Housing Agency of the ity of Saint Paul Ron Moen ron.moen@stpha.org River Park Plaza 1 River Park Plaza 8 328,1 27,- 42, $12. $9. olliers International Eric Rapp eric.rapp@colliers.com

11 Name # of Floors Total S.F. Avail. S.F. Floor Plate SF Net Rate Op. & Taxes Parking in the uilding () lose or Nearby () or None available (N) ompany ontact Phone Saint Paul uilding 6 West 5th 9 4,239 14,659 4, $8.5 $8. ommonwealth Properties Debbie urgwald dburgwald@commonwealthproperties. com Town Square 445 Minnesota 248,14 74,333 $9.- $11. $1.5 ushman Wakefield/NorthMarq Eric King eric.king@cushwakenm.com Union Depot 214 Fourth East 5 31, $7.- $13. $9.5 Jones Lamg Lasalle Tannen Loge tannen.loge@am.jll.com US ank enter 11 East 5th 26 37,187 4, 13,432 $9.5 $12. Madison Equitees Todd Erager todd@madisonequities.biz *217 Data used **214 Data used Total S.F.: Available S.F.: Vacancy Rate: 4,962, , %

12 Name # of Floors Total S.F. Avail. S.F. Floor Plate SF Net Rate Op. & Taxes Parking in the uilding () lose or Nearby () or None available (N) ompany ontact Phone 213 E. 4th 5 32,271 6, 6,454 $8.-$1. $7.56 Summit Realty Rob lapp rob@summitrealtymn.c om Allen uilding 287 East 6th 7 15, 2,913 13,418 Varied Dacotah Properties Sandra Erickson lease@allenbuilding.com Goff Public uilding 255 E. Kellogg lvd. 2 2, 15, 1, $7. $1. Goff Partners Paul Goff pgoff@sbs-intl.com Grace uilding 421 North Wabasha 3 42,39 28,26 14,13 $12. $7. Terrace Group LL Todd Geller todd@terracegroupllc.com Landmark enter 75 West 5th 6 above ground; 2 below ground 48,12 7,939 varies - between 14,7 to 15,7 $8.-$9. $1.5 Minnesota Landmarks Steve udas admin@landmarkcenter.org Northwestern uilding 275 East 4th 8 81,57 13,685 Approx. $8.-$1. 1, $8.5 each floor Halverson laiser, LTD Ardis Hafdahl ahafdahl@hbgltd.net O'onnor uilding 266 East 7th 4 2, 4, 4, $9. $9.5 rooks Group Jaunae rooks jaunae@brooksgroup.net One West Water 5 27,326 6,356 varies $8. $8. James Miller Investment Realty o. Jim Miller jmiller@jmrealty.com

Name and Railroader Printer uilding** 235 East 6th Southbridge 155 Wabasha S The Lowry Hotel uilding 345 Wabasha Total S.F. Total Avail. S.F Vacancy Rate Total # of Floors in ldg. 4&5 1 11 Total S.F. Avail. S.F. 35,53 Floor Plate SF 5 private offices & 36 Net Rate Op.

13 Name and Railroader Printer uilding** 235 East 6th Southbridge 155 Wabasha S The Lowry Hotel uilding 345 Wabasha Total S.F. Total Avail. S.F Vacancy Rate Total # of Floors in ldg. 4& Total S.F. Avail. S.F. 35,53 Floor Plate SF 5 private offices & 36 Net Rate Op. & Taxes $7.5-$9. $9.5 22, $7.-$8. $8. 56,38 489,147 12, % varies Parking in the uilding () lose or Nearby () or None available (N) N ompany ontact Phone rooks Group Janaue rooks jaunae@brooksgroup.ne t Power Management Nicky Scarrella pminc@popp.net Madison Equites Todd Erager todd@madisonequities.b iz

14 uilding Name Total S.F. Listing ontact or Owner ontact Name Phone Number St. Joseph's Hospital 45 W. 1th 695, HealthEast Kevin Johnson Fort Road Medical 36 Sherman 5,265 Healthcare Trust of America, Inc. indy otcamp Gallery Professional uilding 17 West Exchange 17,514 Healthcare Trust of America, Inc. indy otcamp Gillette hildren's Specialty Healthcare 2 University Avenue East 172,128 Gillette hildren's Specialty Healthcare eth losner bclosner@gillettechildrens.com Gillette hildren's Specialty Healthcare 25 University Avenue East 51,48 Gillette hildren's Specialty Healthcare eth losner bclosner@gillettechildrens.com Gillette hildren's Specialty Healthcare 183 University Avenue East 17,466 Gillette hildren's Specialty Healthcare eth losner bclosner@gillettechildrens.com hildren's Hospital - St. Paul 345 Smith Avenue 155,893 hildren's Hospitals and linics of Minnesota ill Karkula William.Karkula@allina.com Doctor's Professional uilding 28 Smith Avenue 8,984 Anchor hris Osterlund Exerare 266 North Smith 1,234 Allina Health System/ United Hospital ill Karkula William.Karkula@allina.com Garden View 347 Smith Avenue John Nasseff Medical enter 255 Smith Avenue Ritchie Medical Plaza 31 Smith Avenue 155,778 43,689 Allina, hildren's I.R.E.T. ushman Wakefield 114,728 Allina, I.R.E.T. ill Karkula William.Karkula@allina.com Angie Karies angie.kairies@cushwakenm.com ill Karkula William.Karkula@allina.com

uilding Name Total S.F Listing ontact or Owner ontact Name, Phone Number, Email Sky Tower (United Hospital/hildren's Hospital- St.

15 uilding Name Total S.F Listing ontact or Owner ontact Name, Phone Number, Sky Tower (United Hospital/hildren's Hospital- St. Paul) 333 North Smith 23,854 Allina Health System & ill Karkula hildren's Hospitals and linics of Minnesota United Hospital 333 Smith Avenue Nasseff Specialty enter 225 Smith Avenue Gallery Towers 514 St. Peter HealthPartners Specialty enter Phalen Parkway HealthPartners Specialty enter Phalen Parkway HealthPartners St. Paul linic 8 West Plato oulevard Regions uilding #1 64 Jackson Regions uilding #2 64 Jackson Regions uilding #3 64 Jackson Regions uilding #8 64 Jackson Regions uilding #9 64 Jackson 662,79 Allina Health System 119,199 Welltower Inc. 24,936 Ted Glasrud & Associates 124, HealthPartners 82,243 HealthPartners 65,268 HealthPartners 1,64,466 Regions Hospital 65,917 Regions Hospital 74,649 Regions Hospital 63, Regions Hospital 96, Regions Hospital ill Karkula William.Karkula@allina.com Nathalie Peffer npeffer@welltower.com Paul uchmayer pbuchmayer@tedglasrud.com Rick Huston rick.a.huston@healthpartners.com Rick Huston rick.a.huston@healthpartners.com Rick Huston rick.a.huston@healthpartners.com Rick Huston rick.a.huston@healthpartners.com Rick Huston rick.a.huston@healthpartners.com Rick Huston rick.a.huston@healthpartners.com Rick Huston rick.a.huston@healthpartners.com Rick Huston rick.a.huston@healthpartners.com

16 uilding Name and Total S.F Listing ontact or Owner ontact Name, Phone Number, American Red ross 134 Fillmore Avenue East American Red ross St. Paul Area lood Donation enter 176 Robert South RADIAS Health 166 E. 4th 63,888 41,14 6, American Red ross American Red ross South Metro Human Services dba RADIAS Health Steve Golias Steve Golias Tom Paul Total S.F.: 5,59,366

17 Name lass Total S.F. Lawson ommons A 38 St. Peter 26,936 Wells Fargo Place A 3 East 7th 4,99 Wells Fargo Place A 3 East 7th 15,415 US ank enter 11 East 5th 3, th St E 18 5th St E 51, th St E 18 5th St E 51, th St E 18 5th St E 2, th St E 18 5th St E 35,28 ontact, Phone, Jason utterfield jason.butterfield@fra uenshuh.com Sam McGuire sam.mcguire@cushw akem.com Sam McGuire sam.mcguire@cushw akem.com Todd Erager todd@madisonequitie s.biz Mike Wilhelm mike.wilhelm@cbre.c om Mike Wilhelm mike.wilhelm@cbre.c om Mike Wilhelm mike.wilhelm@cbre.c om Mike Wilhelm mike.wilhelm@cbre.c om Total S.F.: 191,557

18 Name and The Lowry 35 St. Peter Jemne uilding 35 St. Peter Travelers 385 Washington Twin ities Public Television uilding 172 East 4th US ank West Side Flats Operation enter 6 Livingston Avenue Rafferty Rafferty Tollefson Lindeke Architects** 278 7th St E League of Minnesota ities uilding 145 West University Avenue Market House 289 E. 5th Market Towers 7 West 4th Minnesota Public Radio uilding** 48 edar American Red ross St. Paul Area lood Donation enter 176 Robert South 317 On Rice Park 317 Washington Ecolab Global Headquarters 1 Ecolab Place Total S.F. ompany 75, R Enterpises, LL 25, District Energy 587, Travelers 15,84 Twin ities Public Television 35, US ank 12, 64, Rafferty Rafferty Tollefson Lindeke Architects, Owners Atelaier, LL League of Minnesota ities 34, 3 Deep Marketing 333, entury Link 142, 41,14 Minnesota Public Radio American Red ross 24, Minnesota Wild 484,53 Ecolab, Inc. ontact Phone Alissa Kellogg akellogg@pakproperties.net athy Hart athy.hart@ever-greenenergy.com Greg Sharpe gsharpe@travelers.com JoAnn Hawkins jhawkins@tpt.org Kelly Wilke kelly.wilke@usbank.com Lee Tollefson Nancy Tindall ntindall@lmc.org Dave Woodbeck Neal Anderson neal.anderson@centurylink.com Nick Kereakos nkereakos@americanpublicmedia.org Steve Golias steve.golias@redcross.org Tim Wolfgram twolfgram@wild.com Tim Yohnk tim.yohnk@ecolab.com

Name and Total S.F ompany ontact Name Phone Email Ecolab Global ommunications enter 36 North Wabasha 72,815 Ecolab, Inc. Tim Yohnk 651-293-4574 tim.yohnk@ecolab.

19 Name and Total S.F ompany ontact Name Phone Ecolab Global ommunications enter 36 North Wabasha 72,815 Ecolab, Inc. Tim Yohnk Science Museum of Minnesota 12 West Kellogg lvd. 38, Science Museum of Minnesota Tom arlson E. 4th 166 E. 4th 6, South Metro Human Services Tom Paul uilding 41 North Robert hicago Greatwestern Freight ondos East Kellogg lvd. 572,172 NorthMarq 32, Tom Stella Wayne Mahoney Total Square Footage 3,52,434

20 ity Hall Annex 25 W. 4th Griffin uilding 367 Grove Name and 42 University Ave. 42 University Ave. 9 West Plato 9 West Plato ity Hall/ourthouse 15 W. Kellogg lvd. Don Junemann uilding 555 edar Juvenile Family Justice enter 25 West 7th Law Enforcement enter 425 Grove St. Metro Square uilding 121 East 7th Place Ramsey ounty Government enter - East 16 East Kellogg lvd. Metropolitan ouncil uilding 39 North Robert Square Feet 85, ,94 39, 8, 24, 27, 59, 1, 39, , ,129 ompany, ontact, Phone, ity of Saint Paul ruce Engelbrekt bruce.engelbrekt@ci.stpaul.mn.us ity of Saint Paul ruce Engelbrekt bruce.engelbrekt@ci.stpaul.mn.us Ramsey ounty Jean Krueger jean.krueger@co.ramsey.mn.us Ramsey ounty Jean Krueger jean.krueger@co.ramsey.mn.us Ramsey ounty Jean Krueger jean.krueger@co.ramsey.mn.us Ramsey ounty Jean Krueger jean.krueger@co.ramsey.mn.us Ramsey ounty Jean Krueger jean.krueger@co.ramsey.mn.us Ramsey ounty Jean Krueger jean.krueger@co.ramsey.mn.us Ramsey ounty Jean Krueger jean.krueger@co.ramsey.mn.us Ramsey ounty Jean Krueger jean.krueger@co.ramsey.mn.us Metropolitan ouncil Steve Ylitalo Steven.Ylitalo@metc.state.mn.us

21 Name and MN Senate uilding 95 University Ave W 321 Grove 1 & Grove Administration uilding 5 Sherburne Avenue entennial uilding 658 edar Elmer L. Andersen uilding 54 edar Ford uilding 117 University Avenue Harold E. Stassen uilding 6 North Robert Judicial enter, Minnesota 25 Rev. Dr. Martin Luther King Jr. lvd. Minnesota State apitol uilding 75 Rev. Dr. Martin Luther King Jr. lvd. Orville L. Freeman uilding 625 N. Robert Square Feet 141,97 55,473 71, , ,2 51, , , , ,387 ompany, ontact, Phone,

22 Name and State Lab uilding 61 North Robert State Office uilding 1 Rev. Dr. Martin Luther King Jr. lvd. Transportation uilding 395 John Ireland lvd. Veterans Service uilding 2 West 12th Warren E. urger Federal ourts uilding 316 North Robert Square Feet 166,34 259,26 318,271 78, ,137 Total 4,951,251 ompany, ontact, Phone, U.S. Government Tim Scully tim.scully@gsa.gov

2017 BOMA Market Report

2017 BOMA Market Report 217 OMA Market Report Greater Saint Paul OMA 1-16-17 The Total Universe of office space in the Saint Paul entral usiness District is 15,997,313 square feet. This total is divided among ompetitive, Owner