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Thrivent Breaks Ground on New Corporate Center in Minneapolis
July 11, 2018 | Samantha Mehrotra, Manager, Public Relations 612-844-4197
House of Charity also receives a special donation from Thrivent to help fund its new affordable housing project
MINNEAPOLIS (July 11, 2018) – Thrivent today held a groundbreaking ceremony at its new corporate center in Minneapolis. Speakers included: Thrivent CEO Brad Hewitt; Bonnie Raquet, chair of Thrivent’s board of directors; and Randy Boushek, chief financial officer at Thrivent. Minneapolis City Council member Lisa Goodman and Steve Cramer of the Minneapolis Downtown Council also provided brief remarks to attendees.
In addition to marking Thrivent’s groundbreaking, community leaders gathered to celebrate the ongoing development of East Town in Minneapolis.
“While our mission of helping Christians on their Wise with Money Journey hasn’t changed, we recognize our members’ expectations and the financial services industry as a whole have transformed over time,” said Thrivent CEO Brad Hewitt. “This new corporate center will enable us to continue fulfilling our mission in a changing environment so we can support and guide our members for years to come. We’re excited to share this milestone with our members, neighbors and employees.”
Thrivent’s new corporate center will be located at South Sixth Street and Fifth Avenue South in the heart of the East Town neighborhood in Minneapolis. The building will be a natural stone, metal and glass structure spanning 350,000 square feet and standing eight stories tall. It will include an easily accessible branch for Thrivent Federal Credit Union, a pocket park, coffee shop, chapel and art gallery open to the public. Construction will be handled by McGough with estimated completion in mid-2020. The preliminary estimates show construction and soft costs to be between $125 million – 130 million for the new corporate center. These costs, however, will be offset by sales proceeds from Thrivent’s current building, surface parking lots and avoided renovation costs.
Thrivent has occupied its current building, located at 625 Fourth Avenue South, since 1981. The Hennepin County Board voted in 2017 to buy Thrivent’s current building. Thrivent will rent its current building from Hennepin County until Thrivent’s new corporate center is complete.
In addition to today’s groundbreaking, Thrivent announced it will donate $1 million to House of Charity, a non-profit dedicated to helping struggling individuals get access to food and shelter while reducing the barriers to long-term self-sufficiency. The money will go towards the organization’s new affordable housing project in East Town.
About Thrivent Financial
Thrivent is a not-for-profit financial services organization that helps Christians on the wise with money journey. As a mission-driven, membership-owned organization, it offers its more than 2 million members and customers a broad range of financial products, services and guidance to help them obtain a life of contentment, confidence and generosity. Thrivent and its subsidiary and affiliate companies offer insurance, investments, banking and advice over the phone, online as well as through financial representatives and independent agents nationwide. Thrivent is a FORTUNE 500 company with $136 billion in assets under management/advisement (as of 12/31/17). For more than a century it has helped Christians make wise money choices that reflect their values while providing them opportunities to demonstrate their generosity where they live, work and worship. For more information, visit Thrivent.com. You can also find us on Facebook and Twitter.
Insurance products issued or offered by Thrivent Financial, the marketing name for Thrivent Financial for Lutherans, Appleton, Wisconsin. Not all products are available in all states. Securities and investment advisory services are offered through Thrivent Investment Management Inc., 625 Fourth Ave. S., Minneapolis, MN 55415, a FINRA and SIPC member and a wholly owned subsidiary of Thrivent. Thrivent Financial representatives are registered representatives of Thrivent Investment Management Inc. They are also licensed insurance agents/producers of Thrivent. For additional important information, visit Thrivent.com/disclosures.