Sponsor: Property Management
Title
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Lease Agreement with Northern States Power Company for Space at 360 Wabasha Street North
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Recommendation
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1. Approve the lease agreement with Northern States Power Company, 414 Nicollet Mall, 6th Floor, Minneapolis, MN 55401, for 236.5 square feet of useable space at 360 Wabasha Street North, Saint Paul, MN 55102, for the period of January 1, 2026, through December 31, 2030, in the total amount of $18,024.
2. Authorize the Chair to execute the lease agreement.
3. Authorize the County Manager to execute future amendments to the lease agreement that do not have a financial impact.
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Background and Rationale
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Ramsey County acquired the 360 Wabasha building in 2023. The acquisition included two existing third-party tenant leases. One of the tenants, Northern States Power Company (“Xcel Energy”), currently occupies space within the building under a lease that expires on December 31, 2025.
Xcel Energy has been a reliable and long-term tenant with an established presence at 360 Wabasha. Its tenancy contributes to the overall occupancy and financial stability of the property.
Property Management has reviewed current market conditions and has negotiated a new five-year lease with Xcel Energy at market-rate pricing. The new lease would begin January 1, 2026, and continue through December 31, 2030. Property Management recommends approval of the five-year lease agreement with Xcel Energy.
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County Goals (Check those advanced by Action)
☐ Well-being ☐ Prosperity ☐ Opportunity ☒ Accountability
Racial Equity Impact
The racial equity impact of this lease agreement is unknown.
Community Participation Level and Impact
There is no community participation associated with this action.
☒ Inform ☐ Consult ☐ Involve ☐ Collaborate ☐ Empower
Fiscal Impact
The terms of the lease agreement include the following revenue which has been included in Property Management’s proposed 2026 operating budget:
|
Period |
Annual Base Rent PSF |
Monthly |
Total Term |
|
1/1/2026 - 12/31/2026 |
$14.50 |
$286 |
$3,429 |
|
1/1/2027 - 12/31/2027 |
$14.86 |
$293 |
$3,514 |
|
1/1/2028 - 12/31/2028 |
$15.23 |
$300 |
$3,602 |
|
1/1/2029 - 12/31/2029 |
$15.61 |
$308 |
$3,692 |
|
1/1/2030 - 12/31/2030 |
$16.01 |
$316 |
$3,786 |
Last Previous Action
None.
Attachments
1. Lease Agreement