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St. Paul council approves 8-year lease at Osborne 370 to house city staff as part of downtown space study
Summary
The St. Paul City Council approved an eight-year lease for roughly 10,000 square feet on the ninth floor of the Osborne 370 Building at 9 Fifth Street East to accommodate city staff and support downtown revitalization efforts.
The St. Paul City Council on a unanimous vote approved a lease with the owner of 9 Fifth Street East (the Osborne 370 Building) to occupy the entire ninth floor for city office space.
Bruce Engelbrecht, real estate section, Office of Financial Services, told the council the space is a little over 10,000 square feet, ready to occupy with existing furniture, and is being offered on an eight-year gross lease with the first 12 months rent-free. Engelbrecht said the rental rate starts at $25.50 per square foot, with an annual escalator of $0.50 per square foot (about 2% per year), and that the lease rolls utilities, taxes, insurance and…
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