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  3. North Loop Works, Floor 3

North Loop Works, Floor 3

412 North Third Street, Minneapolis, MN

  • Office
  • New to market
  • Minneapolis CBD

Timber and brick loft space with a 1.09 load factor, which is the lowest of any office availability we track downtown.

Brick and timber loft office with exposed ceiling and large windows

The specification

Available area
8,650 SF
Base rate
$24.00 per SF per year
Lease structure
Modified gross
Available
1 December 2026
Term sought
5 years
Load factor
1.09
Parking
Surface lot, 1 stall per 1,000 RSF, plus 24 secured bike spaces

About the space

A 1902 warehouse converted in 2016. Heavy timber columns on a twenty foot grid, exposed decking at 13 feet 6 inches, and a single stair core that produces an unusually efficient 1.09 load factor. On 8,650 rentable square feet, that difference against a typical 1.16 tower factor is worth about 560 square feet of common area you are not paying for.

The floor is open shell with a finished restroom core, one existing conference room and a kitchen rough-in on the north wall. Modified gross structure: the base rent covers real estate taxes and building insurance, and the tenant pays its own electricity, janitorial and interior maintenance.

The building has no structured parking, which is the usual objection. The tradeoff is a surface lot at 1 per 1,000 and a location three blocks from the Target Field transit hub.

Sample This building, its specification and its pricing are illustrative samples created for a demonstration website. Nothing here is an offer to lease.

Model this space

Operating expenses are escalated at 3 percent a year, the usual planning assumption for a triple net building. Free rent abates base rent only, which is how most Twin Cities leases are written.

Year one gross occupancy cost

$476,238

$39,687 a month across 66 people

Gross rate, year one
$33.35 per RSF
Cost per employee, year one
$7,216
Free rent value
$139,230
Improvement allowance value
$642,600
Net effective rate over the term
$13.36 per RSF
Total obligation over the term
$2,851,244

Sample An estimate for comparison between proposals, not a quote. It ignores parking, after hours HVAC, percentage rent and any cost your own build-out carries beyond the allowance.

Full calculator and worked example

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Space detail
Browse availabilities

Tour this space

Ask Dana for the floor plan, the operating expense history and a walk-through. Call (612) 555-0189 or send the requirement over.

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