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St. Paul weighs consolidating some downtown offices at Osborn 370 building

St. Paul weighs consolidating some downtown offices at Osborn 370 building

Yahoo05-06-2025
The city of St. Paul plans to lease more than 10,000 square feet within the Osborn 370 building on Wabasha Street, covering the building's entire ninth floor, for eight years. What will that square footage be used for? Therein lies the question.
The lease at 9 Fifth St. E., approved Wednesday by the St. Paul City Council, allows for flexible move-in dates and below-market rates, with the first 12 months rent-free. That gives the city some time to complete a 'space use' study with the help of real estate consultants, who will attempt to determine which city offices will make best use of the new floor and in what manner.
It might become collaborative work space for the city to engage with private sector partners, or it may support departments with space shortages, such as the city attorney's office.
It also may be used as upgraded space for staff committed to working downtown more than three days per week, said Bruce Engelbrekt, the city's real estate manager, addressing the city council on Wednesday.
With many office staff on a hybrid work schedule, St. Paul Mayor Melvin Carter floated the idea last year of clearing out the downtown City Hall Annex building on Fourth Street and converting the property into residences, which remains a possibility.
'We're trying to think strategically about how to use our purchasing power and people power to help be part of the solution,' said Council President Rebecca Noecker.
City offices are largely but not exclusively spread throughout the City Hall/Ramsey County Courthouse building at 15 West Kellogg Blvd. and the annex building directly across the street.
The city's Department of Safety and Inspections works out of a building on Jackson Street, which is owned by Madison Equities, an embattled downtown property owner that has recently lost control of some of its buildings to foreclosure and receivership.
The study likely will at least touch on library staff based at the downtown George Latimer Central Library.
'We have a question into (the consultants) whether the mayor's office and the city council offices should be part of the study, because of your need to be located in this building,' Engelbrekt said. 'We need to specifically look at those (offices) that have some space needs.'
Council Member Cheniqua Johnson noted Osborn 370 has developed a positive reputation downtown, drawing notable tenants such as the St. Paul and Minnesota Foundation.
The Osborn 370 floor is partially furnished, allowing 'minimal up-front investment to move and establish operations,' according to the council resolution approved Wednesday.
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VANCOUVER, British Columbia, July 22, 2025 (GLOBE NEWSWIRE) — Diversified Royalty Corp. (TSX: DIV and (the 'Corporation' or 'DIV') announced today that it has filed, and received receipt for, a final short form base shelf prospectus (the 'Prospectus'). The Prospectus was filed with the securities regulatory authorities in each of the provinces and territories of Canada. DIV's prior short form base shelf prospectus dated June 19, 2023, expired on July 19, 2025. Accordingly, DIV filed the Prospectus to maintain financial flexibility and efficient access to Canadian capital markets to pursue strategic initiatives. A copy of the Prospectus is available under DIV's profile on SEDAR+ at . The Prospectus is valid for a 25-month period during which time DIV may, from time to time, issue common shares, warrants, subscription receipts, debt securities, convertible securities or rights or any combination thereof, including in the form of units (collectively, the 'Securities'). The specific terms of any offering of Securities will be described in one or more shelf prospectus supplements which will be filed at the time of the offering of such Securities. There is no certainty any Securities will be offered or sold under the Prospectus within the 25-month effective period. About Diversified Royalty Corp. DIV is a multi-royalty corporation, engaged in the business of acquiring top-line royalties from well-managed multi-location businesses and franchisors in North America. DIV's objective is to acquire predictable, growing royalty streams from a diverse group of multi-location businesses and franchisors. DIV currently owns the Mr. Lube + Tires, AIR MILES®, Sutton, Mr. Mikes, Nurse Next Door, Oxford Learning Centres, Stratus Building Solutions, BarBurrito and Cheba Hut trademarks. Mr. Lube + Tires is the leading quick lube service business in Canada, with locations across Canada. AIR MILES® is Canada's largest coalition loyalty program. Sutton is among the leading residential real estate brokerage franchisor businesses in Canada. Mr. Mikes operates casual steakhouse restaurants primarily in western Canadian communities. Nurse Next Door is a home care provider with locations across Canada and the United States as well as in Australia. Oxford Learning Centres is one of Canada's leading franchisee supplemental education services. Stratus Building Solutions is a leading commercial cleaning service franchise company providing comprehensive janitorial, building cleaning, and office cleaning services primarily in the United States. BarBurrito is the largest quick service Mexican restaurant food chain in Canada. Cheba Hut is a fast casual toasted sub sandwich franchise with locations in the United States. DIV's objective is to increase cash flow per share by making accretive royalty purchases and through the growth of purchased royalties. 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Specifically, forward-looking information in this news release includes, but is not limited to, statements made in relation to: the Prospectus being filed to provide DIV with financial flexibility and efficient access to Canadian capital markets to pursue strategic initiatives; the specific terms of any offering of Securities will be described in one or more shelf prospectus supplements which will be filed at the time of the offering of such Securities; DIV's objective to continue to pay predictable and stable monthly dividends to shareholders; and DIV's corporate objectives. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events, performance, or achievements of DIV to differ materially from those anticipated or implied by such forward-looking information. DIV believes that the expectations reflected in the forward-looking information included in this news release are reasonable but no assurance can be given that these expectations will prove to be correct. In particular there can be no assurance that: DIV will complete any offerings of Securities under the Prospectus; DIV will be able to make monthly dividend payments to the holders of its common shares; or DIV will achieve any of its corporate objectives. Given these uncertainties, readers are cautioned that forward-looking information included in this news release are not guarantees of future performance, and such forward-looking information should not be unduly relied upon. More information about the risks and uncertainties affecting DIV's business and the businesses of its royalty partners can be found in the 'Risk Factors' section of its Annual Information Form dated March 24, 2025 and in its most recent Management's Discussion and Analysis, copies of each of which are available under DIV's profile on SEDAR+ at . 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All of the forward-looking information in this news release is qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, DIV. The forward-looking information included in this news release is presented as of the date of this news release and DIV assumes no obligation to publicly update or revise such information to reflect new events or circumstances, except as may be required by applicable law. THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE. Additional Information Additional information relating to the Corporation and other public filings, is available on SEDAR+ at . Contact: Sean Morrison, Chief Executive Officer and Director Diversified Royalty Corp. (236) 521-8470 Greg Gutmanis, President and Chief Financial Officer Diversified Royalty Corp. (236) 521-8471

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