When Thrivent Financial moves into its new corporate headquarters next year, its investment division will move into space of its own.
The 300-member team, which includes 117 investment professionals, will take up 118,000 square feet of leased space on six floors of the AT&T Tower a few blocks away from Thrivent's new corporate center in downtown Minneapolis.
Thrivent announced a year ago that it would move in spring 2020 into an eight-story office complex currently under construction in the northern portion of its block of surface parking located across 5th Avenue from its current headquarters.
But Thrivent decided leasing space was the best option for the investment team because its size can fluctuate. Right now, the division is "growing rapidly, and this gives us the flexibility to add additional space," said David Royal, chief investment officer at Thrivent and president of Thrivent Mutual Funds.
"When you build a building from scratch you can't just add a floor, right?" he said. "And you don't have options to potentially have less space in the future. You've built what you've built."
The 33-story AT&T Tower on the corner of 9th Street and Marquette Avenue was a good fit for the investment team with a recently renovated lobby, just the right amount of amenities and unobstructed views with plenty of light on floors 22 through 27, where Thrivent's offices will be located, Royal said.
While the amount of space will remain mostly the same as what Thrivent's investment division currently uses, there will be more collaborative and meeting space and room for an additional 70 or so future hires, he said.
Thrivent is working with architectural firm DLR Group and Mortenson Construction on the AT&T build-out.
