So, You Want to Buy a Skyscraper
US Bank Center in downtown St. Paul Photo courtesy of Loopnet

So, You Want to Buy a Skyscraper

High-profile properties remain on sale in downtown Minneapolis and St. Paul. Here's a look at a few of them.

The downtowns of Minneapolis and St. Paul are in the midst of a remarkable turnover. Madison Equities’ recently reported plan to sell its entire St. Paul portfolio is emblematic of that shift.

Meanwhile, buildings that once fetched high prices are selling at significant discounts.

As new ownership has become the story behind many major buildings and spaces in the Twin Cities in recent months, new investment groups might be interested in getting in on the action.

If purchasing a building in the Twin Cities is listed on your 2024 bingo card, here’s a look at the properties still on the market, along with notable recent purchases.

Still for sale:

Wells Fargo Center

Location: 90 7th Street South, Minneapolis
Size: 1.2 million square feet
Estimated Value: $173.6 million
Previous Sale Price: $314 million in 2019
Expected Sale Price: <$120 million

Alliance Center

Location: 55 E. Fifth St., St. Paul
Size: 300,000 square feet
Estimated Value: $8 million
Previous Sale Price: $4.1 million in 2020

U.S. Bank Center

Location: 101 E. Fifth St., St. Paul
Size: 522,000 square feet
Estimated Value: $21.7 million
Previous Sale Price: $21 million in 2014

Wells Fargo Center in downtown Minneapolis
Wells Fargo Center in downtown Minneapolis

Handsome Hog

Location: 173 N. Western Ave., St. Paul
Size: 13,800 square feet
Estimated Value: $1.9 million

Empire Building and Endicott Arcade

Location: 360 N. Robert St., St. Paul
Size: 97,000 square feet
Estimated Value: $1.2 million
Previous Sale Price: $700,000 in 2011

Soo Line City Building

Location: 101 S. Fifth St., Minneapolis
Size: 254 units with 745 average square feet
Estimated Value: $53.2 million
Previous Sale Price: $11.25 million in 2011

First National Bank

Location: 331 Minnesota St., St. Paul
Size: 663,000 square feet
Estimated Value: $30.4 million
Previous Sale Price: $37.25 million in 2015

Capella Tower

Location: 225 S. Sixth St., Minneapolis
Size: 111,700 square feet
Loan Value: $186 million
Estimated Value: $196.5 million
Previous Sale Price: $255 million in 2018

Park Square Court

Location: 400 Sibley St., St. Paul
Size: 136,000 square feet
Estimated Value: $7.6 million
Previous Sale Price: $6.8 million in 2005

Cosmopolitan Apartments

Location: 250 E. Sixth St., St. Paul
Size: 258 units
Estimated Value: $45 million

375 Jackson Square

Location: 375 Jackson St. and 135 Fifth St., St. Paul
Size: 238,000 square feet
Estimated Value: $6.6 million combined
Previous Sale Price: $13.6 million in 2007


Sold:

Loews Minneapolis Hotel

Location: 601 N. First Ave., Minneapolis
Size: 251 rooms
Sale Price: $23.5 million, including $2.35 million in furnishings
Estimated Value:  $65 million in 2014

Rathskeller Building

Location: 882 W Seventh St.
Size: 20,000 square feet
Sale Price: Roughly $2 million
Previous Sale Price: $3.5 million

4Marq

Location: 400 Marquette Ave., Minneapolis
Size: 210,000 square feet of rentable space
Sale Price: $53 million
Estimated Value: $54.7 million

Kickernick Building

Location: 416-430 N. First Ave., Minneapolis
Size: 164,138 rentable square feet
Sale Price: $3.79 million
Estimated Value: $11.29 million
Previous Sale Price: $19.15 million in 2017

Expo Apartments

Locations: 200 University Ave SE, 215 Second St., 223 Third Ave. SE, and 229 Second St. SE, Minneapolis
Size: 435 units
Sale Price: $120 million
Estimated Value: $117.95 million combined