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Pre-Development Services, Feasibility, Development Management

SIZE:      2.25 CITY BLOCKS, 525,000 SF RENOVATED                 OFFICE, 260,000 SF CORPORATE HQ, 

               500+ APARTMENTS, 10,000 SF RETAIL,         

               1,100+ PARKING STALLS



Thrivent Financial owned 2.25 city blocks on the east edge of the Minneapolis CBD. One half of one block was occupied by their 525,000 sf corporate headquarters building. The balance was used as surface parking for their employees. Completed in 1981, this iconic building no longer served Thrivent’s needs. With a major transformation in their way of doing business underway, Thrivent was contemplating a new workplace strategy.


At the same time, the district surrounding the Thrivent campus was undergoing dramatic change with over $3 billion of development underway. City planning and market demand were combining to put pressure on Thrivent to develop its surface parking lots.


• Developed a project charter setting forth a hierarchy of goals and first principles that were used to make decisions.
• Worked with Thrivent’s facilities team to determine that the restacking of existing HQ was suboptimal.
• Master planned the entire 2.25 block urban campus.
• Created a district parking solution to serve multiple uses and drive utilization throughout the 24-hour day.

• Sold existing headquarters building for top-of-market price and negotiated a two-year leaseback.

• Advised Thrivent through the self-development of their new HQ, allowing them to save in excess of $25MM.

• Disposed of excess land to 3 different developers who constructed parking, workforce housing, hospitality, daycare, and other uses that complement Thrivent’s operations.

• Acted as master developer, advising Thrivent during multiple transactions, development agreements, easements, operating and parking agreements.

• Managed the sale/leaseback of newly constructed headquarters for best in market $/SF and cap rate.

• The land was fully committed within 5 years.

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