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METROPOLITAN FINANCIAL CORPORATION TO MOVE DOWNTOWN LINCOLN CENTRE TO BECOME METROPOLITAN CENTRE

 MINNEAPOLIS, July 28 /PRNewswire/ -- Towle Real Estate Company announced today that Metropolitan Financial Corporation (NYSE: MFC) (MFC) will move its corporate headquarters from Edina to downtown Minneapolis in the Lincoln Centre office building. In recognition of MFC's role as one of the region's leading financial players, the building will be renamed Metropolitan Centre on Jan. 1, 1994, when the company moves into its new offices.
 According to Towle officials, MFC will lease approximately 90,000 square feet -- four full floors of the building -- and move approximately 350 employees from its current headquarters building.
 The move represents a victory for Minneapolis which has been working to attract more businesses to downtown. According to Towle, MFC will take advantage of Minneapolis' new parking program, which reduces parking costs to help downtown compete with suburban office locations.
 The addition of MFC will bring occupancy in Lincoln Centre to 85 percent. The 31-story, Class-A office building opened in 1987 at a time when many new office buildings were opening in downtown and vacancy rates were beginning to rise. In 1991, Towle Real Estate took over leasing and property management of the building and, in two years time, successfully added tenants, taking it from 38 percent leased to 85 percent leased.
 MFC officials say the signing of a 10-year lease sends a strong signal that MFC is a long-tern player in the region. "Downtown Minneapolis continues to be the financial center of the region and it is where we need to be located," said Norman M. Jones, chairman and CEO, Metropolitan Financial Corporation. According to Jones, favorable lease terms among downtown office buildings also made it wise to consider a move. "The quality of Lincoln Centre, its proximity to the city's "financial core" and the opportunity to rename the building led us to choose Lincoln Centre over other downtown properties," Jones added.
 MFC's downtown St. Paul operations will be unaffected by the relocation. MFC currently leases about 80,000 square feet in downtown St. Paul.
 Lincoln Centre, located at 333 South Seventh Street, is leased and managed by the Towle Real Estate Company of Minneapolis. The building is owned by Metropolitan Life Insurance Company and contains 627,324 square feet of Class-A office space.
 Metropolitan Financial Corporation is a regional financial services holding company. Its full service consumer savings bank, Metropolitan Federal Bank, fsb, Fargo, N.D., operates more than 180 offices in the states of Minnesota, North Dakota, South Dakota, Nebraska, Iowa, Kansas, Wisconsin and Arizona. The company has more than 30 million shares of common stock outstanding and is listed on the New York Stock Exchange under the symbol MFC.
 -0- 7/28/93
 /NOTE: There is no organizational connection between Metropolitan Life Insurance Company and Metropolitan Financial Corporation/
 /CONTACT: David Menke or Tom Fourre of Towle Real Estate, 612-338-3201, or William P. Bartkowski of Metropolitan Financial Corporation, 612-928-5000/
 (MFC)


CO: Metropolitan Financial Corporation ST: Minnesota IN: FIN SU:

DB -- MN007 -- 6789 07/28/93 14:00 EDT
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Publication:PR Newswire
Date:Jul 28, 1993
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