Sons of Norway has announced its agreement with Ryan Companies US, Inc. and Weidner Apartment Homes for the sale and redevelopment of their land parcel in South Minneapolis. The land parcel is located on Lake Street between Holmes and Humboldt avenues and is in the heart of the Uptown neighborhood.
Considered to be a marquee location, this property has been home to the International Headquarters of Sons of Norway since 1962. Once complete, the Sons of Norway plans to continue business operations on the site including their financial services and international cultural organization.
“After an extensive process to ensure the highest and best use of our primary asset, the clear choice was to sell the property that has served us so well,” said Eivind J. Heiberg, CEO Sons of Norway. “Considering market conditions in the Uptown neighborhood and the challenges of an aging facility, it was time to make the most forward-thinking decision for the long-term health of our organization, employees and the community. We’re extremely pleased to partner with Ryan Companies and Weidner Apartment Homes to redevelop what has been our home for more than 55 years and to continue our presence in the vibrant Uptown neighborhood,” said Heiberg.
Ryan Companies will develop, design and construct the project and has been involved in a number of iconic properties that have been successfully re-envisioned in the Twin Cities. These properties include Midtown Global Exchange, Grainbelt Brewery, and Downtown East among many others.
“We have been in dialogue with Sons of Norway for quite some time and we feel that the location provides an incredible opportunity. We are thrilled to be partnered with Sons of Norway and Weidner in re-visioning this great site,” said Tony Barranco, Vice President of Real Estate Development for Ryan Companies.
About Ryan Companies US, Inc.
Founded in 1938, Ryan Companies offers comprehensive commercial real estate services as a national developer, architect, capital investment consultant, builder and real estate manager with a focus on bringing lasting value to its customers and the communities in which it works. Ryan market depth includes retail, industrial, healthcare and senior living. Ryan development and corporate build-to-suit work spans a wide range of product types including office, mixed-use, hospitality, multifamily housing and mission critical facilities. Ryan has nearly 1,300 employees in 13 offices and has completed projects in 38 states. For more information, visit ryancompanies.com
About Sons of Norway
Sons of Norway, a financial services and international cultural organization headquartered in Minneapolis, began with shared values and a simple promise of financial security when like-minded people came together to protect their families, celebrate their culture and strengthen their community. For more than 120 years, we’ve lived our mission to promote and preserve the heritage and culture of Norway, celebrate our relationships with other Nordic countries and provide quality insurance and financial products to our members. Now more than 50,000 members strong, we play an active role in communities throughout North America and Norway.
Attachments:
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/f2669739-ae49-44ef-bccb-13ad92e53991
Attachments:
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/6bd2af73-a533-4538-b3c9-b38071d1652b