O
pus Group CEO Tim Murnane, who led high-profile projects like the Best Buy headquarters and Arbor Lakes in Maple Grove, will retire at the end of 2026 after nearly four decades with the company. Matt Rauenhorst, grandson of Opus' founder and current head of its development arm, will take over as president next June and succeed Murnane as CEO.

    During his tenure, Murnane led several major developments, including the American Express Financial Advisors complex in Woodbury and Woodbury Lakes. He has worked with Rauenhorst for over 20 years and they plan to collaborate on navigating industry challenges like high interest rates and international tariffs.

    Opus will continue to focus on developing industrial and multifamily housing, which Murnane believes are in strong demand due to the shift towards online shopping and a nationwide shortage of housing units. The company's president-elect, Rauenhorst, noted that they're oversupplied with office space in Minneapolis, but sees opportunities for growth in other areas.

    Andrew Babula, director of the real estate program at the University of St. Thomas, praised Murnane's leadership and strategic vision, saying he will be an "excellent" successor to Rauenhorst. Murnane has been Opus' longest-serving CEO, with a career spanning over 46 years in commercial real estate development.

    Underhill, Opus' board chair, thanked Murnan for his "skillful leadership" and welcomed him into the next chapter of his career.