Wells Fargo Insurance Signs 54,000-SF Lease at Metropoint

BPG announces leases totaling nearly 123,000 SF during first six months of ownership

MINNEAPOLIS - BPG Properties, Ltd. (BPG), a private equity real estate fund manager, today announced that Wells Fargo Insurance has signed a 54,000-square-foot renewal and expansion at 600 Highway 169 South, one of four office buildings in the 918,500-square-foot Metropoint, The Center for Business office park. Leasing activity at Metropoint has totaled nearly 123,000 square feet since BPG's acquisition of the property in August 2006. "We are pleased to continue and expand our relationship with Wells Fargo Insurance at Metropoint," said Kelly Gibbel, senior asset manager at BPG. "When prominent companies like Wells Fargo select Metropoint, it reaffirms our position as a top choice in the Minneapolis office market, and is a positive reflection of our progress toward more than $10 million in capital improvements at the property." BPG was represented in the transaction by Northstar Partners and Wells Fargo was represented by J. Craig Kirkpatrick of TaTonka Real Estate Advisors. Other notable leases completed by BPG and Northstar Partners since acquisition include Plus Relocation, represented by Dave Marschinke of CB Richard Ellis; Cummings, Keegan & Co., represented by Denny Walsh of Walsh Partners; and Epicor, represented by Real Tech. BPG acquired Interchange Office Park in August 2006, renaming it Metropoint, The Center for Business. Since that time, BPG has commenced on more than $10 million in capital improvements, including elevator and HVAC upgrades, refurbished public spaces, improved tenant suites, 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.