Arctic Cat headquarters in North Loop to shutter
The company had moved into the new North Loop space last year to increase visibility.
Less than a year after recreational vehicle maker Arctic Cat opened a modern headquarters in the North Loop of Minneapolis, the company’s new owner has decided to close the office.
Textron Inc. announced in January that it would purchase Arctic Cat in a $247 million deal. On Tuesday, Rhode Island-based Textron notified Arctic Cat employees that it would close the offices at 500 N. 3rd St. by the end of the year.
Most of the 60 employees who currently work there will have the opportunity to gradually transition to the company’s St. Cloud campus, where Arctic Cat manufactures engines and has an office, Textron spokesman Brandon Haddock said. Staff members will likely remain in similar roles to what they currently do, he said.
“It really was just an opportunity to consolidate some of our operations and get some teams of folks in product management, product engineering and marketing to co-locate and work together in the same space,” Haddock said.
Arctic Cat’s move from Plymouth to the trendy Minneapolis neighborhood was earlier heralded by company leaders as a big step to prepare for future growth and increase visibility for the company, which had struggled with profit declines.
Arctic Cat signed a 13-year lease for the 55,000-square-foot offices. Textron is working to find another tenant for the space, which is owned by Swervo Development, Haddock said.