Target to sell office building, consolidate operations on two campuses

The Target corporation is selling one of its landmark buildings on the western edge of Minneapolis.

The building along Interstate 394 will go on the market in November. Approximately 1,300 employees in the company's retail and financial services teams currently work there; they will move to the company's expanded corporate campus in Brooklyn Park next year.

Target spokeswoman Molly Snyder said the decision was part of a routine evaluation of the company's real estate holdings. She said Target wanted to consolidate its operations between the northern campus in Brooklyn Park and the downtown campus around its Minneapolis headquarters.

Target bought the building, a former insurance company office building on a 24-acre site, in 1994 for $9 million. The site's current tax value is $15.3 million; most of that is for the land.

Target downsized earlier this year, closing its Canadian operations and laying off about 2,500 headquarters workers.