Target has paid $110 million to terminate its lease for nearly a million square feet of corporate office space in downtown Minneapolis.
The company vacated the City Center building five years ago and had previously signed a lease that ran through 2031. Target’s last renewal was in 2015, meaning it paid rent for over ten years after moving out.
Target attempted to sublet portions of the space but found limited success, with law firm Fox Rothschild occupying about 40,000 square feet in 2022.
The City Center building, owned by an entity tied to South Korean conglomerate Samsung, is now being prepared for sale. Target has not publicly commented on the lease termination but stated its continued commitment to downtown Minneapolis as it was the city’s largest employer until recently surpassed by Hennepin Healthcare in 2024.
