Pentair CEO Randy Hogan said not to worry — the headquarters were staying in Minnesota and the deal would mean growth at the Pentair headquarters in Golden Valley.
Pentair has now followed through on that pledge.
The filtration company recently signed a lease expansion for what it calls its U.S. Main Office in the Colonnade office tower at 5500 Wayzata Blvd.
Pentair (NYSE: PNR) is increasing its space to about 94,000 square feet, up 50 percent from the 62,000 square feet it leased previously, according to Betsy Day, manager of corporate communications for Pentair. It is now on floors 7, 8 and part of 9. With the new lease it will take all of the sixth floor and the rest of the ninth. Pentair didn't announce other terms of the deal, such as the years involved in the lease or the rate.
The company is expanding "due to our recent merger with Tyco’s Flow Control business," Day said in an e-mail. She declined to share details about how many jobs Pentair will add at the headquarters, or say where the additional jobs are coming from.
The Colonnade is a 16-story tower that overlooks Interstate 394 and Xenia Parkway. New York-based investment firm DRA Advisors purchased the tower a year ago for $52 million.
At the time, the Colonnade’s 355,800 square feet of office space was more than 95 percent leased. The other major corporate tenant in the building is fast-growing Buffalo Wild Wings Inc.(Nasdaq: BWLD), which leases two floors.