Submitted to the City of Minneapolis

Hennepin County considers buying Thrivent building, firm to build new headquarters

Updated: September 5, 2017 - 10:00 am

County officials are evaluating a $55 million sale of the downtown office building

Hennepin County has reached a preliminary agreement to purchase Thrivent Financial’s downtown Minneapolis headquarters while the financial services company plans a new building across the street.

The $55-million sale of the 17-story building was on the agenda of the Hennepin County Board’s Tuesday, Aug. 29 meeting.

Meanwhile, 625 Development, an entity related to Interstate Parking Co., recently released a preliminary redevelopment proposal for Thrivent’s corporate parking lot behind its headquarters. The developer is proposing a seven-and-a-half-story mixed-use building combining a 750-space parking ramp, 87 apartments and 4,700 square feet of retail space.

The agreement before the county also includes the purchase of approximately 332 of the 750 parking stalls from Interstate for $11.5 million.

The resolution notes that Thrivent is looking to build a new corporate campus on its East Lot, a full-block surface parking lot bounded by 6th and 7th streets and Portland and 5th avenues. The site is located just across Fifth Avenue South from its current headquarters.

CFO Randy Boushek said in a statement that a new corporate facility would allow the company to meet the “changing needs” of its members.

“Thrivent has been planning a workplace redesign that would involve significant disruption for our employees. The potential sale of our current building creates the opportunity to develop a long-term option that can support the future needs of the organization, reduce disruption to our workforce, and allow us to continue to be an important part of the development of East Town,” he said.

Buying the 525,000-square-foot building would assuage the county’s need for office space, the resolution notes. The building at 625 4th Ave. S. is located across the street from the Hennepin County Government Center.