Four Local Office Towers Sold in Dec. for $184M

The MoneyGram Tower and the 1600 Tower in St. Louis Park, Two MarketPointe in Bloomington, and the Colonnade office tower in Golden Valley all were reportedly acquired in deals that closed last month.

At least four local office towers were sold in December in transactions totaling about $184 million, the Star Tribune recently reported, citing Hennepin County records.

Those just-closed deals involved:

  • Two office buildings in St. Louis Park near the Shops at West End development. The 1550 Tower (best known as the MoneyGram Tower after its former tenant) and the 1600 Tower along Interstate 394 were sold to a division of the Blackstone Group of New York for $71 million, according to the Star Tribune. Details about that sale became public Thursday. It was part of a larger $1 billion deal announced last month by Indianapolis-based Duke Realty Corporation, the former owner of the properties.
  • A prominent office tower along the Interstate 494 strip in Bloomington-Two MarketPointe, located at 4400 West 78th Street. Minneapolis-based Ryan Companies, Inc., sold the building to Artis REIT of Winnipeg, Manitoba, along with about six acres of land, the Star Tribune reported. That sale was finalized December 22. The 240,000-square-foot building's major tenants are Rasmussen College and the Minneapolis office of CBRE Group, Inc.-a Los Angeles-based commercial real estate services firm.
  • The Colonnade office tower and adjacent land in Golden Valley. They were reportedly sold to a New York firm for $52 million.

To read more in the Star Tribune about the building sales, and the buyers and sellers, click here.