Minneapolis’ MW Development LLC had plenty to celebrate when it closed Edina Realty’s lease of 9,100 square feet of space in the Pinehurst Building in downtown Edina.
The realty company’s lease means that MW Development has now filled this important Edina building.
“Buildings have their own life cycles. Sometimes tenants come and go. Other times they move on for whatever reason. You then have to work to do to refill the space they leave behind,” said Paul Maenner, principal MW Development. “We were able to do that in the course of the last year-and-a-half. We feel fortunate that we have the kind of asset that will continue to attract high-quality businesses over a long period of time. The quality of the building and its location assures that we have that opportunity in the future. Filling the building is a very gratifying thing. It’s good to have this win under our belt.”
The lease is also a positive for the community of Edina. The Pinehurst Building, after all, is one of the most notable buildings in Edina. It also sits on one of the city’s most visible commercial corners.
Edina Realty will now operate its flagship Edina office out of the building located in the 50th and France business district in downtown Edina. Edina Realty plans to move into the building in late 2012. The company is moving from its current Edina location of 3939 W. 49 ½ St.
“We are very excited to be coming to the Pinehurst Building, which we refer to as the‘Times Square’ of downtown Edina,” said John Smaby, manager of Edina Realty’s 50th & France branch. “It’s absolutely the premier property in the neighborhood, and it’s an opportunity for us to better serve our clients and agents for a long time to come.”
Edina Realty is one of the country’s largest real estate companies, with about 60 real estate offices throughout Minnesota and western Wisconsin and nearly 2,100 REALTORS®. The company handled more than 27,000 transactions and $5.4 billion in sales volume in 2011.
Edina Realty is not the only recent addition to the Pinehurst Building. Other new tenants include OSKA, a German women’s fashion retailer; Benjamin F. Edwards & Co., a St. Louis-based financial services firm; and Trautz Properties, Inc., a Twin Cities commercial real estate investment company.
MW Development is especially close to the Pinehurst Building. The developer built the building 12 years ago. At that time, MW sought to create a building that would fit in with the high-end feel of the corner on which it stood.
“When we built the property, we tried to create a design and layout that would honor the quality of that corner and location,” Maenner said. “We created what we think is a highly functional two-story commercial retail and office space. We have underground and on-grade parking. We have all the fundamentals in place. The building is an attractive place to be. It has some tremendous signage opportunities for tenants. We think it remains a top-tier property.”
To market the building, MW Development relied partly on the building’s unique Web site and a targeted LinkedIn campaign. MW Development itself moved its offices back into the building, and officials with the company encouraged an open-door policy, inviting potential tenants to stop by the Pinehurst Building to determine if the space was right for them.
MW Development also used the neighborhood feel of both the corner and the building to create an atmosphere that made potential tenants welcome. As Maenner says, many people working in the Pinehurst Building walk or bike to the corner. There’s a coffee shop inside the building. And a post office and bakery are just a short walk away.
These factors combine to create a homey feel at the building, Maenner said.
“It’s a bit like Mayberry here,” he said.
— Dan Rafter