Onvoy Signs 49,000-SF Lease at Metropoint

Leasing activity has totaled more than 300,000 square feet at Metropoint since it was acquired by an affiliate of BPG in August 2006.

MINNEAPOLIS – BPG Properties, Ltd. (BPG), a private equity real estate fund manager, announced a 49,000-square-foot lease renewal with Onvoy, Inc. at Metropoint, The Center for Business office park, located at 300 Highway 169 South. Leasing activity has totaled more than 300,000 square feet at Metropoint since it was acquired by an affiliate of BPG in August 2006. “Onvoy’s renewal reaffirms our status as a premier office park in Minneapolis ,” said Kelly Gibbel , vice president at BPG. “While we have had great success attracting new tenants with Metropoint’s prime location and first-class amenities at Metropoint, our existing tenants recognize the benefits of our investment of more than $10 million in capital improvements.” One of Minnesota ’s leading providers of communications and networking services, Onvoy will continue to operate administrative offices at Metropoint with approximately 185 employees. “With high visibility and easy access, Metropoint’s prime location was a key factor in Onvoy’s decision to renew its lease,” said Chuck Caturia of CB Richard Ellis, who represented Onvoy in the transaction. BPG was represented by Northstar Partners. BPG acquired Interchange Office Park in August 2006, renaming it Metropoint, The Center for Business. BPG expects to complete more than $10 million in capital improvements by the end of 2007, including elevator and HVAC upgrades, refurbished public spaces, improved tenant suites, and significant new amenities including new fitness and conference centers, upgraded dining facilities, a broad range of convenience retail, as well as new landscaping and park signage.