{"id":1004745058,"date":"2025-01-31T03:48:54","date_gmt":"2025-01-31T11:48:54","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004745058"},"modified":"2025-02-03T09:16:33","modified_gmt":"2025-02-03T17:16:33","slug":"onward-investors-acquires-960-ksf-minneapolis-building","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/onward-investors-acquires-960-ksf-minneapolis-building\/","title":{"rendered":"Onward Investors Acquires 960 KSF Minneapolis Building"},"content":{"rendered":"\n

<\/p>\n\n\n

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\"Exterior<\/a>
Completed in 2000, Ameriprise Financial Center rises 31 stories. Image courtesy of Onward Investors<\/em><\/figcaption><\/figure><\/div>\n\n\n

Onward Investors has acquired Ameriprise Financial Center, a 960,000-square-foot office building in Minneapolis.<\/p>\n\n\n\n

The high-rise traded for $6.3 million, representing a nearly 97 percent discount from its previous open-market sale price of $200 million in 2016, The Minneapolis\/St. Paul Business Journal<\/em> reported. GHR Foundation sold the asset after assuming control of the building in 2023, following the previous owner’s execution of a deed in lieu of foreclosure.<\/p>\n\n\n\n

Morning Calm Management acquired the asset in 2016, according to CommercialEdge. The firm took out a $137.8 million loan financed by the seller, The Opus Group.<\/p>\n\n\n\n

Located at 707 Second Ave. S., the property is in the city\u2019s business district and less than 10 miles from the Minneapolis-Saint Paul International Airport.<\/p>\n\n\n\n

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READ ALSO:<\/strong> What\u2019s Defining Office in 2025?<\/a><\/p>\n\n\n\n

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Constructed in 2000, the 31-story high-rise has floorplates averaging 35,000 square feet and an adjacent four-story parking ramp with 300 spots. Onward Investors is considering various possibilities for the property, including repurposing all or part of the building for non-office uses. Ameriprise Financial, which had its headquarters at the building since its completion, announced in late 2022 that it will vacate the space.<\/p>\n\n\n\n

Last year, the Minneapolis Council passed the Office to Residential Conversions Amendment<\/a>, which streamlines review processes, eliminates public hearing requirements and temporarily exempts converted buildings from the affordable housing policy for five years.<\/p>\n\n\n\n

Minneapolis office activity<\/h2>\n\n\n\n

In December, Onward Investors formed a joint venture with Cross Ocean Partners and Neuberger Berman Special Situations client funds for the acquisition of Wells Fargo Center<\/a>, the third-tallest building in Minneapolis. Starwood Capital Group sold the 57-story, 1.2 million-square-foot asset.<\/p>\n\n\n\n

Last year, Minneapolis\u2019 office investment volume<\/a> totaled more than $735 million, an 181 percent increase from 2023, according to a CBRE report. Additionally, the market\u2019s vacancy rate as of December clocked in at 24.1 percent, a 10-basis-point decrease quarter-over-quarter. Nevertheless, the city’s central business submarket recorded one of the highest rates at 27.6 percent, the same report shows.<\/p>\n","protected":false},"excerpt":{"rendered":"

This office asset traded at a 97 percent discount from its previous sale.<\/p>\n","protected":false},"author":3355,"featured_media":1004745062,"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":[33697,33142],"class_list":["post-1004745058","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-midwest","category-minneapolis-st-paul","category-latest","category-office","tag-morning-calm-management","tag-the-opus-group"],"acf":[],"yoast_head":"\nOnward Investors Acquires 960 KSF Minneapolis Building - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Onward Investors acquired Ameriprise Financial Center, a 960,000-square-foot office tower in Minneapolis, for $6.3 million.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/onward-investors-acquires-960-ksf-minneapolis-building\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Onward Investors Acquires 960 KSF Minneapolis Building\" \/>\n<meta property=\"og:description\" content=\"Onward Investors acquired Ameriprise Financial Center, a 960,000-square-foot office tower in Minneapolis, for $6.3 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/onward-investors-acquires-960-ksf-minneapolis-building\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2025-01-31T11:48:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-03T17:16:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/01\/Ameriprise-Financial-Center-2-e1738319821723.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"997\" \/>\n\t<meta property=\"og:image:height\" content=\"746\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Vicentiu Fusea\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/onward-investors-acquires-960-ksf-minneapolis-building\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/onward-investors-acquires-960-ksf-minneapolis-building\/\",\"name\":\"Onward Investors Acquires 960 KSF Minneapolis Building - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/onward-investors-acquires-960-ksf-minneapolis-building\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/onward-investors-acquires-960-ksf-minneapolis-building\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/01\/Ameriprise-Financial-Center-2-e1738319821723.jpg\",\"datePublished\":\"2025-01-31T11:48:54+00:00\",\"dateModified\":\"2025-02-03T17:16:33+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/6f90c90d1e85956f06679ddabc844412\"},\"description\":\"Onward Investors acquired Ameriprise Financial Center, a 960,000-square-foot office tower in Minneapolis, for $6.3 million.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/onward-investors-acquires-960-ksf-minneapolis-building\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/onward-investors-acquires-960-ksf-minneapolis-building\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/onward-investors-acquires-960-ksf-minneapolis-building\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/01\/Ameriprise-Financial-Center-2-e1738319821723.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/01\/Ameriprise-Financial-Center-2-e1738319821723.jpg\",\"width\":997,\"height\":746,\"caption\":\"Completed in 2000, Ameriprise Financial Center features floorplates averaging 35,000 square feet. 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