CBRE Signs Three Workplace360 Office Leases Totaling 48,788 Square Feet in Minneapolis–St. Paul

CBRE has signed three office leases totaling 48,788 square feet across the Minneapolis–St. Paul metro area, the company announced Sept. 18, consolidating its Twin Cities workplace strategy around function-specific locations and the firm's Workplace360 program. Employees are scheduled to relocate from CBRE's current Bloomington office at Two MarketPointe into the three new spaces in the first half of 2027.

Three Leases, Three Locations

The largest of the three transactions is a 27,331-square-foot lease at One Meridian in Richfield, an eight-story, 204,862-square-foot building owned by Piedmont Realty Trust. The space will house CBRE's Business Service Organization, Property Management Accounting, and Investment Accounting & Reporting groups. Renovations are underway at One Meridian, with Piedmont using the completed transformation of Two Meridian as the design model for the current work. CBRE's John Lorence represented the company in the lease negotiations.

CBRE also signed a 15,586-square-foot lease at Arcadia, a six-story, 118,000-square-foot building under construction by Opus at 5115 Arcadia Ave. in Edina. The space is intended for CBRE's Advisory employees, and CBRE is among the initial tenants scheduled to occupy the building upon delivery. John Ferlita and John Lorence represented CBRE in that transaction.

The third lease covers 5,871 square feet at U.S. Bancorp Center, 800 Nicollet Mall in downtown Minneapolis, providing a downtown option for Advisory employees. The 32-story, 937,000-square-foot tower is owned by Piedmont Realty Trust and has recently undergone extensive renovations to common areas and tenant amenities. Brandon Megal represented CBRE in the transaction.

Workplace360 and the 'Free Address' Model

All three spaces are part of CBRE's Workplace360 program, which the company describes as its "Future of Work" space standard. The model is built around a "free address" design that organizes offices into team neighborhoods and allows employees to choose where and how they work throughout the day. CBRE says it has opened more than 100 Workplace360 offices globally, refining the approach based on employee feedback and workplace trends.

"These new locations are truly an investment in our people and represent the commitment we have in empowering the way they work now and in the future," said Jeff Jiovanazzo, CBRE's Managing Director in Minneapolis. "By combining a dynamic downtown presence with a strategically located suburban environment, we're giving our professionals greater flexibility, greater opportunities for collaboration, and access to purposefully designed spaces that support both productivity and client engagement."

Melissa Marchy, CBRE's BSO Managing Director and Global General Manager, added: "This isn't just a new office. It's a place where people can come together, build connections and feel energized to do great work. We've created a space that gives our teams the flexibility they want and the support they need to grow and have a real impact."

The decision to replace a single consolidated Bloomington office with three function-specific locations reflects a broader shift toward geographic flexibility and purpose-built workplaces, with Advisory and back-office operations housed separately.

Piedmont Realty Trust's Minneapolis Repositioning

Two of the three properties — U.S. Bancorp Center and One Meridian — are owned by Piedmont Realty Trust, which has been actively upgrading its Minneapolis portfolio. Piedmont said its investment program has touched One Meridian, Two Meridian, 9320 Excelsior and U.S. Bancorp Center, with an emphasis on hospitality-oriented environments, collaborative tenant spaces and elevated amenities.

"Over the past two years, Piedmont Realty Trust has made significant investments into its Minneapolis portfolio, including One and Two Meridian, 9320 Excelsior and U.S. Bancorp Center," said Patrick McGregor, Piedmont's VP of Asset Management. "This shift to focus on the creation of a hospitality environment, collaborative tenant spaces and elevated amenities has been well received in the market, resulting in significant leasing. We are thrilled to welcome CBRE to U.S. Bancorp and One Meridian."

The CBRE leases at both Piedmont properties illustrate a pattern visible across the Twin Cities office market: tenants are gravitating toward renovated, amenity-rich buildings even as overall vacancy remains elevated. The Twin Cities office market recorded a vacancy rate of 25.0% in the second quarter of 2026, down 20 basis points quarter over quarter, with availability at 29.0%. Net absorption turned positive at 190,000 square feet in Q2 2026, a marked improvement from negative 1.2 million square feet in Q1 2026, though still below the 217,000 square feet recorded in Q2 2025. Average asking rent stood at $29.91 per square foot, flat from the prior quarter but 2.7% higher year over year.

Market Context: Flight to Quality in the Twin Cities

Leasing volume in the Twin Cities improved in the second quarter of 2026, with transactions totaling 887,000 square feet, including two large deals totaling 280,000 square feet concentrated in core submarkets. The figures suggest tenants continue to make substantial commitments, but the market remains bifurcated between well-located, upgraded properties and older, less competitive inventory — a dynamic that Piedmont's capital program and CBRE's lease decisions both reflect.

Nationally, the office sector showed broader improvement in Q2 2026. U.S. office net absorption reached 12.6 million square feet, nearly double the prior quarter and the ninth consecutive quarter of positive demand. Overall U.S. vacancy declined 30 basis points to 18.3%, while prime vacancy fell to 12.3%. Average asking rents rose 2.6% year over year to $37.58 per square foot.

CBRE's own leasing business has benefited from improving transaction volumes. The company reported 2025 Advisory leasing revenue of $4.497 billion, representing 11.1% growth, with global leasing revenue reaching a quarterly record in the fourth quarter of 2025. The company's move into renovated and newly delivered buildings in Minneapolis mirrors the flight-to-quality dynamic it is observing among its own clients.

Sources

CBRE Press Release: CBRE Signs Three Workplace360 Office Leases in Minneapolis–St. Paul