1733 W Lake Dr
Chanhassen, MN 55317

The National Oceanic and Atmospheric Administration (NOAA) office in Chanhassen, MN is a 18,151 square foot, single-tenant office building with scientific support structures that is 100% leased to the US Federal Government for a new 20-year lease term on 9.92 acres of land. The lease includes attractive income during the lease term, with rent increases in lease year 16. The tenant pays their own utilities and increases on the real estate taxes. The property is scheduled to undergo major improvements in 2018, including improvements to the parking lot which will be sealed, striped with 50% of the lost being repaved, roof, new HVAC systems, and tenant and shell improvements to the property in preparation for the new lease start which is estimated to be December 2018. The Twin Cities NOAA Office is home to the National Weather Service that houses critical departments and functions of NOAA including the National Weather Forecast Office and River Forecast Center. The tenant agency mission at the property is of national importance as it provides weather, hydrologic, and climate forecast and warnings for the United States, its territories, adjacent waters and ocean areas for the protection of property and the enhancement of the national economy. This mission continues 24 hours a day, 365 days a year. Also located on-site is an active NEXRAD Doppler radar structure and an Upper Air Inflation building used to launch weather balloons twice a day, every day. This facility is leased to the US General Services Administration (GSA) for a new 20-year term, 15-years Firm with One 5-year Option that is guaranteed by the United States of America. Most studies have the US GSA lease renewal rates for new leases at 95% to 97.5% renewal probability at the end of the new lease term. The property was originally built for NOAA as a build-to-suit in 1994 and sits on one of the few remaining large blocks of real estate in the market. Chanhassen is conveniently located a short drive from the city of Minneapolis and was ranked as the #2 best place to live in the America in 2009 and #4 in 2013 by Money Magazine. In association with broker of record Jim Roers MN #20494144