Project Overview
NTH represented the Minneapolis/St. Paul Business Journal and its parent, American City Business Journals, in deciding whether to renew or relocate its downtown Minneapolis office ahead of a 2026 lease expiration. NTH has advised the publication for more than two decades, negotiating its moves from Canadian Pacific Plaza to SPS Tower and then to Fifth Street Towers. The assignment paired a utilization study of the 6,000 square foot suite with a renew-versus-move financial analysis, and concluded in an early renewal that lowered occupancy cost without a move or a construction project.
The Challenge
A new Market President and Publisher stepped into the role with a narrow window to set the office plan: while the lease expiration was a ways off, renewal notice was approach. The suite had been custom-built for the organization in 2018 and still worked well, but the organization’s space metrics had evolved and there was a focus on space and cost reduction. A move was the obvious way to shrink, yet relocation would have required a longer commitment and a significant up-front capital investment – more than the rent it would have saved. Proving that required honest utilization work, a side-by-side cost comparison, and work with the landlord to negotiate renewal terms well ahead of the notice date.
How We Made It Happen
NTH started with the space itself, touring the suite with the team and documenting exactly what the MSP Business Journal needed – private offices, workstations, a frequently used conference room, focus rooms, and shared wellness and podcast space. That work confirmed the footprint was being well utilized. In parallel, NTH identified move options, built a renew-versus-move model carrying construction, furniture, soft costs, and landlord allowances alongside rent, which showed a move would cost modestly move more over the term. Informed by the early strategic planning and reflecting MSP Business Journal’s specific needs, NTH issued a formal RFP to the landlord and negotiated competitive terms. NTH reviewed and commented on the lease amendment and supported MSP Business Journal’s legal team through execution.
The Outcome
The Business Journal signed a renewal of their space at Fifth Street Towers, and successfully avoided a move, construction, and disruption to the newsroom. The landlord agreed to creative rental structure through the early years of the renewal resulting in savings the organization captures while keeping its full suite and an additional renewal options.
