{"id":1004740649,"date":"2024-12-13T10:51:36","date_gmt":"2024-12-13T18:51:36","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004740649"},"modified":"2024-12-16T06:06:26","modified_gmt":"2024-12-16T14:06:26","slug":"neuberger-jv-buys-1-2-msf-minneapolis-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/neuberger-jv-buys-1-2-msf-minneapolis-tower\/","title":{"rendered":"Neuberger JV Buys 1.2 MSF Minneapolis Tower"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/Wells-Fargo-Center-Minneapolis.jpg\"><img decoding=\"async\" data-attachment-id=\"1004740650\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/neuberger-jv-buys-1-2-msf-minneapolis-tower\/onward-investors-1\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/Wells-Fargo-Center-Minneapolis-e1734087928941.jpg\" data-orig-size=\"812,609\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Onward Investors&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;Wells Fargo Center&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;Lane Pelovsky&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;Onward Investors -1&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Onward Investors -1\" data-image-description=\"&lt;p&gt;Exterior shot of Wells Fargo Center in Minneapolis.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The 1.2 million-square-foot high-rise came online in 1987 as the Norwest Corp.\u2019s headquarters. Image courtesy of Onward Investors&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/Wells-Fargo-Center-Minneapolis-e1734087928941.jpg?w=812\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/Wells-Fargo-Center-Minneapolis.jpg\" alt=\"Exterior shot of Wells Fargo Center in Minneapolis.\" class=\"wp-image-1004740650\" style=\"width:auto;height:400px\"\/><\/a><figcaption class=\"wp-element-caption\">Developed in 1987, the 1.2 million-square-foot high-rise became Norwest Corp.\u2019s headquarters. <em>Image courtesy of Onward Investors<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>A joint venture of Cross Ocean Partners, Neuberger Berman Special Situations client funds and Onward Investors has acquired Wells Fargo Center, the third-tallest building in Minneapolis. Starwood Capital Group previously owned the 57-story, 1.2 million-square-foot high-rise, according to CommercialEdge.<\/p>\n\n\n\n<p>The asset traded before in April 2019, when Starwood acquired it from Hines Interests for $313.6 million, the same source shows. After the acquisition, Starwood implemented several building upgrades.<\/p>\n\n\n\n<p>The Class A skyscraper was developed in 1987, after a former building at the site was destroyed in the largest fire in U.S. history at the time. The high-rise became Norwest Corp.\u2019s headquarters, a company that has later merged with Wells Fargo.<\/p>\n\n\n\n<p>The LEED Gold-certified property features floorplates ranging between 11,000 and 30,707 square feet. Amenities include a fitness center, wellness rooms and a communal lounge, coworking spaces and focus rooms, as well as a conference center with training rooms.<\/p>\n\n\n\n<p>Located in the city\u2019s downtown at 90 S. Seventh St., the transit-oriented building was 62 percent leased at the time of sale, with tenants including BMO Capital Markets, Jones Day and KPMG.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-minneapolis-s-recent-office-activity\">Minneapolis\u2019s recent office activity<\/h2>\n\n\n\n<p>Minneapolis\u2019 <a href=\"https:\/\/www.commercialsearch.com\/news\/top-markets-for-office-transactions\/\">office investment volume<\/a> in the third quarter of this year reached $105 million, with sales in suburban areas accounting for most of the transactions, according to a CBRE report. The rolling four-quarter sales activity totaled nearly $524 million. Additionally, the market\u2019s vacancy rate at the end of the third quarter clocked in at 23.9 percent.<\/p>\n\n\n\n<p>In February, Ryan Cos. agreed to purchase a large portion of the Thomson Reuters campus in Eagan, Minn. The deal involved 179 acres of the 263-acre complex, including a 1.1 million-square-foot office building, three data centers and 90 acres of undeveloped land.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The property is the city&#8217;s third-tallest building.<\/p>\n","protected":false},"author":3355,"featured_media":1004740650,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,13,36076,21742,21747],"tags":[],"class_list":["post-1004740649","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-midwest","category-minneapolis-st-paul","category-latest","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Neuberger JV Buys 1.2 MSF Minneapolis Tower - 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