{"id":1004208382,"date":"2018-02-27T02:22:03","date_gmt":"2018-02-27T10:22:03","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004208382"},"modified":"2022-12-09T01:36:28","modified_gmt":"2022-12-09T09:36:28","slug":"shorenstein-snaps-up-255m-mn-office-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/shorenstein-snaps-up-255m-mn-office-tower\/","title":{"rendered":"Shorenstein Snaps Up $255M Office Tower"},"content":{"rendered":"<p>By IvyLee Rosario<\/p>\n<div id=\"attachment_1004208393\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Capella-Tower.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004208393\" data-attachment-id=\"1004208393\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/shorenstein-snaps-up-255m-mn-office-tower\/capella-tower\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Capella-Tower.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Capella Tower, Minneapolis\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Capella Tower, Minneapolis&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Capella-Tower.jpg?w=800\" class=\"wp-image-1004208393 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Capella-Tower.jpg\" alt=\"Capella Tower, Minneapolis\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Capella-Tower.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Capella-Tower.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/02\/Capella-Tower.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004208393\" class=\"wp-caption-text\">Capella Tower, Minneapolis<\/p><\/div>\n<p>Shorenstein Properties has purchased the landmark Capella Tower and the adjoining Star Tribune Building in Minneapolis. The firm acquired the\u00a0 high-rise office complex from <a href=\"https:\/\/www.commercialsearch.com\/news\/asb-to-sell-infomart-dallas-for-800m\/\">ASB Real Estate Investments<\/a> for $255 million. ASB disposed of the properties on behalf of its $7.4 billion Allegiance Fund, its\u00a0sole vehicle for core real estate investment.<\/p>\n<p>Located at 225 South Sixth St., Capella Tower stands 58 stories tall. The LEED Gold-certified tower, along with the adjoining 20-story Star Tribune building, offers 1.4 million square feet. Constructed in 1991, the Class A property underwent cosmetic renovations in 2014 and also includes 8,000 square feet of retail. ASB acquired the asset in 2006 from Hines Interests for $245 million, according to Yardi Matrix.\u00a0<\/p>\n<p><em>&#8220;After successfully owning the asset for 11 years, Capella had become a less strategic investment from a portfolio diversification standpoint, and the current market dynamics presented a good opportunity to sell and redeploy capital,&#8221;<\/em> said Larry Braithwaite, senior vice president &amp; portfolio manager of ASB&#8217;s Allegiance Fund, in prepared remarks.\u00a0<\/p>\n<p><em>Image courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>ASB Real Estate Investments sold Capella Tower and the adjoining Star Tribune Building in Minneapolis on behalf of its $7.4 billion Allegiance Fund.<\/p>\n","protected":false},"author":746,"featured_media":1004208393,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,11,36076,21742,21747],"tags":[33643,32779,33448],"class_list":["post-1004208382","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-midatlantic","category-minneapolis-st-paul","category-latest","category-office","tag-asb-real-estate-investments","tag-leed","tag-shorenstein-properties"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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