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Travelliance has signed a lease for space at Northland Center in Bloomington, moving out of its Minnetonka, MN headquarters building, which has been sold and will soon be remade into a graduate school specializing in psychology.
In late March, Adler Graduate School paid $2.85 million for the two-story, 37,500-square-foot office building at 10225 Yellow Circle Dr. in Minnetonka. The 36-year-old property sits on a 4.5-acre parcel about halfway between two major interchanges off Highway 62, Shady Oak Road on the west and Highway 169 on the east.
Travelliance specializes in booking travel accommodations for airline employees and other workers who spend much of their time in transit. The company has 200 to 500 employees according to its LinkedIn profile, and appears to have made the Minnetonka building its main corporate office since 2005, when an entity tied to Travelliance bought the building for $2.1 million.
In recent years, Travelliance has not occupied the building in its entirety. It leased out portions of the building prior to the sale, primarily to two other companies, Optimization Associated Inc. and Veracity, the latter of which has already moved out.
In late April, the owner of Northland Center, KBS Realty Advisors, announced that it had signed a lease with Travelliance for a 13,335-square-foot space on the third floor of Building II, at 3600 American Blvd. W.
A spokesperson for KBS confirmed that the Northland Center site would be Travelliance’s new headquarters, and added that the company would have a workforce of about 60 employees there. The company will move in this Monday, according to KBS.
Executives at Travelliance did not respond to requests for comment.
Last week, the Minnetonka City Council approved a change of use at the site, allowing Adler to operate its school there. The program will soon start construction on the interior, said Caitlin Leinberger, spokesperson for Adler.
Adler hopes to be moved out of its current building in Richfield and into the new Minnetonka property by August. The school currently has about 350 students and about 22 staff members, Leinberger said. One of the benefits of the new building is that it will give Adler room to grow enrollment.
Travelliance will stay on as a lessee for a few more months she said, as it transitions to its new space.
Travelliance is one of several Twin Cities corporations that have sold their headquarters buildings in the recent past or announced their intention to move to a smaller space.
In March, agribusiness and energy cooperative CHS Inc. sold its Inver Grove Heights, MN headquarters to Atlanta, GA-based SunTrust Robinson Humphrey in a $55 million sale-leaseback deal. In April, Plymouth-based retailer Christopher & Banks followed suit, selling its building to The Excelsior Group for $13 million.
Then, earlier this week, fertilizer maker Mosaic Co. announced that it would move out of its current home base in Plymouth and into an as-yet-undisclosed location in the Tampa, FL area. The company noted in a statement that the move would allow it to reconsider its U.S. office footprint, which has become too large given recent changes the company has made.
