Opus' Arcadia Office Development in Edina Reaches 71% Preleased With UBS Financial Services Inc. and CBRE Signing On

Opus has announced that Arcadia, a 118,000-square-foot Class A office building under construction at 5115 Eden Avenue in Edina, Minnesota, is now 71% preleased following lease commitments from UBS Financial Services Inc. and CBRE. The milestone comes more than six months ahead of the project's scheduled December 2026 completion.

Lease Commitments From UBS Financial Services Inc. and CBRE

UBS Financial Services Inc., a global wealth management and investment banking firm, has leased the entire fifth floor of Arcadia, totaling 29,126 rentable square feet. CBRE, a commercial real estate services and investment firm, has signed a lease for 15,746 square feet on the third floor. Opus and Opus-affiliated companies will collectively occupy 38,386 square feet, with Opus taking the entire top floor and affiliated companies occupying a portion of the fourth floor.

The three commitments account for approximately 83,258 square feet of the building's 118,000 square feet, leaving roughly 34,000 square feet available for lease across the remaining floors.

Tom Tracy and John McKenna of Cushman & Wakefield represented UBS Financial Services Inc. in its lease negotiations. CBRE was represented by John Ferlita and John Lorence of CBRE. Leasing for the project is being led by Joe Conzemius, Larissa Bodine, Ann Rinde and Elle Westphal of CBRE.

"We have experienced strong leasing momentum since breaking ground on Arcadia," said Nick Murnane, vice president and general manager of real estate development with Opus. "The commitments from industry leading organizations like UBS and CBRE reflect the continued demand for high-quality office environments. Today's tenants are prioritizing best-in-class buildings that offer exceptional amenities, premier locations and a workplace experience that helps attract and retain talent. Arcadia delivers on all of those priorities."

Project Details and Amenity Package

Opus broke ground on the six-story, multi-tenant office building in September 2025. The firm is serving as both developer and design-builder for the project, with ESG Architecture & Design serving as architect of record. Completion is scheduled for December 2026.

Located in Edina's Grandview District on the former Eden 100 site, Arcadia features a glass façade and a lobby with a fireplace, collaborative gathering spaces, conference rooms and a large employee training room. Additional amenities include a private tenant clubroom and a fitness center with locker rooms and showers. An outdoor terrace with fire pits, gathering areas and grilling stations is also part of the building's amenity package. At street level, eight-foot-wide sidewalks and extensive landscaping are designed to support pedestrian connectivity within the Grandview District.

Grandview District Context

Arcadia occupies the former Eden 100 site in Edina's Grandview District, an area the city has targeted for higher-intensity mixed-use development and improved pedestrian connectivity. The building's streetscape design — including wide sidewalks and outdoor social spaces — aligns with those planning objectives.

Opus has an established presence in Edina's office and mixed-use market. In April 2025, Buhl Investors acquired a 200,000-square-foot office building at 5901 Lincoln Drive in Edina from Opus for $15.45 million, or approximately $77 per square foot. That building is leased to Children's Minnesota, and the site had previously been partially redeveloped by Opus into a 246-unit multifamily project.

Market Backdrop: Flight to Quality in Suburban Office

Arcadia's preleasing trajectory reflects a broader dynamic in the office sector, where new construction and amenity-rich Class A assets have continued to attract institutional tenants even as overall office fundamentals remain under pressure. Financial services and professional services firms have in many cases opted to consolidate older locations into fewer, higher-quality spaces rather than exit the office market entirely.

CBRE's decision to both lease space at Arcadia and lead its leasing program is notable in that context. The firm's occupancy of the third floor positions Arcadia as a physical example of the type of product CBRE is marketing to investor and occupier clients.

With approximately 34,000 square feet remaining, Arcadia is positioned to approach stabilization at or shortly after its December 2026 delivery if current leasing momentum continues.

About Opus

Opus is a group of commercial real estate development, design and construction companies headquartered in Minneapolis with offices and projects across the country. The firm operates as a vertically integrated multidisciplinary team through its operating subsidiaries: Opus Development Company, Opus Design Build and Opus AE Group. Opus specializes in industrial, multifamily residential, office, retail and institutional projects.

Sources: Opus Group News Release, July 23, 2026