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St. Paul council approves eight-year lease for Osborne 370 to house city offices
Summary
The City Council voted 7-0 to lease the entire ninth floor of the Osborne 370 building (9 Fifth Street East) — just over 10,000 square feet — on an eight-year gross lease with the first 12 months rent-free. City staff said the lease would meet near-term space needs and support downtown revitalization while a citywide space-use study continues.
The St. Paul City Council on a 7-0 vote approved an eight-year lease for the entire ninth floor of the Osborne 370 building at 9 Fifth Street East, city staff said. The space is a little over 10,000 square feet, the lease is gross, and the first 12 months are rent-free.
City real estate manager Bruce Engelbrecht, who presented the item, said the lease would allow the city to meet space needs for employees now in City Hall, the City Hall annex and other downtown sites while a space-use study is completed. "The space is little over 10,000 square feet. The entire Ninth Floor of the Osborne 370 Building. It's in great condition. It has a lot of furniture already. It's ready to use," Engelbrecht said.
The lease starts at $25.50 per square foot — significantly below the roughly…
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