{"id":1004209130,"date":"2018-03-06T08:33:40","date_gmt":"2018-03-06T16:33:40","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004209130"},"modified":"2022-12-08T12:12:42","modified_gmt":"2022-12-08T20:12:42","slug":"kbs-snags-88m-minneapolis-office-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/kbs-snags-88m-minneapolis-office-tower\/","title":{"rendered":"KBS Snags $88M Minneapolis Office Tower"},"content":{"rendered":"<p>By IvyLee Rosario<\/p>\n<div id=\"attachment_1004209136\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Marquetta-Plaza-Minneapolis.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004209136\" data-attachment-id=\"1004209136\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/kbs-snags-88m-minneapolis-office-tower\/marquetta-plaza-minneapolis\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Marquetta-Plaza-Minneapolis.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=\"Marquetta Plaza, Minneapolis\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Marquette Plaza, Minneapolis&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Marquetta-Plaza-Minneapolis.jpg?w=800\" class=\"wp-image-1004209136 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Marquetta-Plaza-Minneapolis.jpg\" alt=\"Marquette Plaza, Minneapolis\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Marquetta-Plaza-Minneapolis.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Marquetta-Plaza-Minneapolis.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Marquetta-Plaza-Minneapolis.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004209136\" class=\"wp-caption-text\">Marquette Plaza, Minneapolis<\/p><\/div>\n<p>KBS Strategic Opportunity REIT has acquired Marquette Plaza, a <a href=\"https:\/\/www.commercialsearch.com\/news\/greater-dallas-office-tower-changes-hands\/\">Class A office tower<\/a> in Minneapolis, for $88.4 million. According to Yardi Matrix, the property was purchased from Base Management.\u00a0<\/p>\n<p>The 523,000-square-foot building comprises 15 stories and features a unique arch design on its facade, complete with an aluminum and glass curtain wall with granite fixtures. The architectural landmark is situated on an expansive 1.5-acre park, the largest green space in the Minneapolis central business district. The building also includes an underground parking garage and direct connection to the Skyway, an enclosed sidewalk covering 9.5 miles. Originally constructed in 1970, the LEED Platinum-certified asset was last renovated in 2002 and offers a 40,000-square-foot data center, according to Yardi Matrix.\u00a0<\/p>\n<p><em>\u201cWe\u2019ve seen such a lure to the Minneapolis market in recent years, which is likely due to the large amount of economic investment in the area and employers\u2019 desire to attract and retain top talent that want to work in a thriving, vibrant neighborhood,\u201d<\/em> said Shep Wainwright, senior vice president for KBS\u00a0&amp; asset manager for the property, in prepared remarks. <em>\u201cKBS is looking forward to further engaging with the property by adding planned improvements including a new tenant lounge, a state-of-the-art fitness facility, updated lobbies and common areas and a creative utilization of the lawn space.\u201d<\/em><\/p>\n<p><em>Image courtesy of KBS\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Base Management disposed of the 523,000-square-foot Marquette Plaza, which is situated on an expansive 1.5-acre park, the largest green space in the city&#8217;s CBD. <\/p>\n","protected":false},"author":746,"featured_media":1004209136,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,13,36076,21742,21747],"tags":[35761,32779],"class_list":["post-1004209130","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-midwest","category-minneapolis-st-paul","category-latest","category-office","tag-kbs-strategic-opportunity-reit","tag-leed"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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She has a background in Journalism and joined the team in 2016. She produces the MHN Daily newsletter, manages byline content, oversees the Research Center for both brands and hosts the Multifamily's Top Marketers podcast. 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