Mortenson and The University of Minnesota Foundation Real Estate Advisors (UMFREA) have announced that CBRE has been selected as the leasing partner for the first phase of a 12-acre hub of innovation and economic development in the Twin Cities, named The Minnesota Innovation Exchange or “The MIX.”
The MIX, located on the eastern edge of the University of Minnesota’s Twin Cities campus, is a private development with a vision to create dynamic spaces for those desiring to leverage the innovation and research of the University. The development is bounded to the north by the Biomedical Discovery District and Huntington Bank Stadium and to the south by the University’s future clinical campus expansion.
“CBRE is a fantastic addition to our project team. Their national and local expertise, combined with their enthusiasm for the significance of this project to Minnesota, makes them a perfect fit alongside UMFREA, Mortenson, and HGA,” said Dan Lessor, Vice President of Development at Mortenson. “I’m excited to begin this journey with them as we advance this first phase, keeping in mind how all phases of The MIX will work together to create a global epicenter for innovation.”
According to a recent CBRE report, the Minneapolis-St. Paul metro, in combination with Rochester, has the highest number of medical technology patents per capita and is home to over 1,000 health and science companies (500 of which are medical device companies), including Medtronic, the world’s largest medical device producer. The Twin Cities life science and medical technology ecosystem, coupled with the University of Minnesota’s standing as a top global research institution, makes The MIX an unparalleled development with transformative potential.
“This is an incredibly exciting opportunity for prospective tenants to participate in the most unique and collaborative redevelopment environment the Twin Cities has to offer,” said CBRE’s Mike Bowen, Senior Vice President in Minneapolis. “CBRE is thrilled to be part of this project, and we are looking forward to our partnership with Mortenson and UMFREA.”
When complete, The MIX will feature approximately three million developed square feet zoned for several uses, including research and development, innovation, multifamily, hospitality, retail, and similar destination spaces.
Leading the project for the foundation is Pat Mascia, Managing Director, UMFREA; along with Mortenson’s Dan Lessor, Vice President, Real Estate Development; Brent Webb, Business Development Executive; and Bob Solfelt, Principal in Charge. CBRE’s leasing team is led by Bowen and Jerry Driessen, First Vice President.
Groundbreaking for the first building is anticipated in the next 12-18 months.
