Fifty South Sixth Building Sold For $180M
Hines Global (Real Estate Investment Trust) REIT, Inc., recently entered into an agreement to buy Fifty South Sixth-a 29-story, 689,482-square-foot office building in downtown Minneapolis-for $180 million.
According to U.S. Securities and Exchange Commission (SEC) filings, Hines Global is purchasing the building from KanAm Grund Kapitalanlagegesellschaft, a German real estate investment company.
Houston-based Hines Global expects to close the deal, which is subject to standard closing conditions and financing, by November 4. It plans to use proceeds from its current public offering, along with debt financing, to fund the purchase.
Fifty South Sixth was constructed in 2001 and includes 698,606 square feet of rentable area-making it one of the largest office facilities in the state. The building is currently 94 percent leased.
The building's largest tenant is law firm Dorsey & Whitney, LLP, which occupies 333,264 square feet-or about 48 percent of the building's rentable area-under a lease that expires in September 2016.
Deloitte & Touche, LLP, leases 142,435 square feet, or about 20 percent of the building's rentable area, under a lease that expires in June 2024. The remaining space is leased to 30 tenants, none of which leases more than 10 percent of the rentable area of the building.
Fifty South Sixth is among the state's largest office facilities based on square feet of net leaseable space.