Newmark, on Behalf of Owner Piedmont, Secures 447,000 SF Renewal of U.S. Bancorp’s Headquarters

November 1, 2023 9:00 AM

Newmark announces that it has secured a 447,000-square-foot lease renewal on behalf of ownership, Piedmont Office Realty Trust, Inc. (NYSE: PDM) (“Piedmont”), for U.S. Bancorp (NYSE:USB) (“US Bancorp”) at the 32-story, award-winning 800 Nicollet Mall headquarters in Minneapolis, Minnesota. With the renewal, U.S. Bancorp reaffirms its commitment to Piedmont and Minneapolis–its headquarters city for more than two decades. Newmark Senior Managing Director Brent Erickson and Associate Director Callie Ronkowski serve as the exclusive leasing agents for the Downtown Minneapolis office property on behalf of Piedmont. JLL represented US Bank.

“We are appreciative of the opportunity to work alongside such great organizations as Piedmont and U.S. Bancorp in securing this monumental lease transaction,” said Ronkowski. “U.S. Bancorp Center is an exceptional property and with U.S. Bancorp renewing its long-term lease, we look forward to future milestones for the building and the downtown Minneapolis business community.”

U.S. Bancorp – the parent company of U.S. Bank National Association (“US Bank”), the fifth largest commercial bank in the country–signed a long-term lease renewal to maintain complete occupancy of its existing footprint. The Minneapolis-based financial holdings company and its workforce have occupied the U.S. Bancorp Center tower since 2000, with Piedmont acquiring the building in 2003, resulting in a meaningful business relationship rooted in a shared commitment to the city, U.S. Bancorp Center and the rejuvenation of the Minneapolis CBD.

Commenting on the renewal, Piedmont’s President and Chief Executive Officer, Brent Smith said, “We very much appreciate and value the 20-year relationship we have had with U.S. Bancorp. As a banking stalwart in the U.S, its headquarters presence has helped to make our building and Nicollet Mall a notable Minneapolis landmark, and we look forward to continuing to provide their employees an unmatched amenity set and office experience for years to come.”

U.S. Bancorp Center is located at the epicenter of the Minneapolis CBD, situated at the main intersections of 8th Street and Nicollet Mall. The TOBY International award-winning office tower, owned and managed by Piedmont, boasts a world-class tenant experience between its work-play environment and unprecedented access to the robust offerings in Downtown Minneapolis. Tenants enjoy a robust amenity program including a 12,500-square-foot space on the top-floor with sweeping views overlooking Target Field and the Mississippi River, a modern fitness center with group exercise space, locker rooms and showers, state-of-the-art conference rooms with technology available for reservations ranging from 2-100 guests, on-site Piedmont Office Management, 24-hour on-site security with controlled access to loading dock, bike storage and an underground parking garage. Additionally, US Bancorp Center will soon welcome fine dining seafood restaurant – 801 Fish (opening this fall) and undergo a two-story lobby transformation to include additional tenant collaboration lounges and an on-site coffee lounge to further create a hospitality-infused office environment.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of June 30, 2023, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with over 7,400 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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