10-year lease represents one of the Twin Cities’ largest office transactions in recent years
ST. PAUL, Minn. — The Minnesota Department of Natural Resources (DNR) has selected River Park Plaza in St. Paul for its new headquarters, signing a nearly 125,000 rentable sq. ft. lease for three floors plus space in the lower level. DNR will be relocating its headquarters from 500 Lafayette Road in St. Paul, where it has been since 1985.
The transaction represents one of the largest office leases completed in the Twin Cities in recent years and is particularly significant at a time when the region’s office market continues to work through historically high vacancy, and changing workplace needs.
River Park Plaza, a 330,000 square-foot Class A office building located at 10 River Park Plaza, is owned by SARA Investment Real Estate and managed and leased by Suntide Commercial Realty. Suntide’s Jeff Hart, Kevin Peck and Jim Kenney represented the landlord. DNR is expected to occupy its new headquarters in June of 2027, when the building will be 92% occupied.
River Park Plaza, located in the Saint Paul CBD, is located on the Mississippi River and overlooks Downtown.
River Park Plaza partnered with Suntide Commercial Realty, Inc. in 2023 to position the property to attract new tenants to fill spaces vacated as a result of the COVID-19 pandemic. Over the past several years, there have been significant investments made to the property, including a series of building improvements recommended by Suntide, some of which include an updated lobby and the creation of the Sky Lounge, complete with a hospitality-type conference center with a roof top deck facing the Mississippi River and downtown St. Paul skyline. Those investments helped position the property to accommodate a headquarters requirement of this size and complexity.
The transaction also drew on Suntide’s full-service commercial real estate platform. In addition to leasing River Park Plaza, Suntide provides property management services for the building, and its construction and space planning teams were involved throughout the process.
“This was much more than a brokerage transaction,” said Barb Schuba, CFO/COO, Principal. “There were a lot of moving pieces, and having leasing, property management, construction and space planning all working together in-house was critical to getting this across the finish line. SARA was also an exceptional partner throughout the process. They stayed committed to the property, continued to invest in the building and worked collaboratively with us and the State to get a very complicated transaction done.”
The 125,000-square-foot lease stands out in a Twin Cities office market where large new headquarters transactions have become increasingly uncommon. While the market has seen several significant renewals and consolidations in recent years, relatively few new office leases have exceeded 100,000 square feet.
The DNR headquarters adds a major long-term tenant to River Park Plaza and represents a significant commitment to the St. Paul CBD office market.
Over the past several years, there have been significant investments made to the property, including a series of building improvements recommended by Suntide, some of which include an updated lobby and the creation of the Sky Lounge, complete with a hospitality-type conference center with a roof top deck facing the Mississippi River and downtown St. Paul skyline.
About Suntide Commercial Realty
Suntide Commercial Realty is a full-service commercial real estate company providing brokerage and leasing, property management, construction, and interior design and space planning services. Founded in Minnesota, Suntide serves commercial property owners and tenants through an integrated approach that brings multiple real estate disciplines together under one roof.
About SARA Investment Real Estate
SARA Investment Real Estate is an investment real estate sponsor based in Madison, Wisconsin. For over 30 years, its team has provided value to investors through direct investment into Midwest commercial real estate.
Media contact:
Martha Nevanen
matha@buzz-partners
651-492-5861
River Park Plaza, a 330,000 square-foot Class A office building located at 10 River Park Plaza, is owned by SARA Investment Real Estate and managed and leased by Suntide Commercial Realty.
For more information about Suntide property management, call 651-603-0321 or contact
Barb Schuba
CFO/COO
BSchuba@Suntide.com
Mitch Robertson
Director of Property Management
Mitch@Suntide.com