Think Mutual Bankis moving its downtown Rochester branch a few blocks south to the Minnesota BioBusiness Center.
Think has signed a letter of intent with the city of Rochester to lease space in the complex at 221 First Ave. S.W. in Rochester. The plan is to relocate its downtown branch from its current spot on the street level of the Odd Fellows building at 25 Second St. S.W. to a larger spot in the BioBusiness Center.
This is the second tenant to recently lease space in the First Avenue center. The College of St. Scholasticais developing a mini-campus on the first floor of the building after signing a lease in September.
Think also is moving its subsidiary, Hirman Insurors, into that new spot. The insurance office is currently based in the Kahler Grand Hotel in downtown.
"The new location provides both skyway and sidewalk access," said Karen Hanson, Think's vice president of insurance services. "Along with additional space, that will give our customers more privacy."
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Kirk Muhlenbruck, Think's senior vice president of consumer banking, estimates that the insurance office will open sometime in May with the branch launching in July.
This is the latest move in Think's adjustment of its real estate strategy.
Two of its other Rochester branches — 4001 West River Parkway and 1698 Greenview Drive S.W. — are for sale with a plan to build smaller ones to replace them.
Think has eight branches in Rochester, Edina, and St. Paul.
