So, You Want to Buy a Skyscraper
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:Â 1.2 million square feet
Estimated Value: $173.6 million
Previous Sale Price:Â $314 million in 2019
Expected Sale Price:Â <$120 million
Alliance Center
Location: 55 E. Fifth St., St. Paul
Size:Â 300,000 square feet
Estimated Value:Â $8 million
Previous Sale Price:Â $4.1 million in 2020
U.S. Bank Center
Location: 101 E. Fifth St., St. Paul
Size: 522,000 square feet
Estimated Value:Â $21.7 million
Previous Sale Price:Â $21 million in 2014

Handsome Hog
Location:Â 173 N. Western Ave., St. Paul
Size:Â 13,800 square feet
Estimated Value:Â $1.9 million
Empire Building and Endicott Arcade
Location:Â 360 N. Robert St., St. Paul
Size:Â 97,000 square feet
Estimated Value:Â $1.2 million
Previous Sale Price:Â $700,000 in 2011
Soo Line City Building
Location:Â 101 S. Fifth St., Minneapolis
Size:Â 254 units with 745 average square feet
Estimated Value:Â $53.2 million
Previous Sale Price:Â $11.25 million in 2011
First National Bank
Location:Â 331 Minnesota St., St. Paul
Size:Â 663,000 square feet
Estimated Value:Â $30.4 million
Previous Sale Price:Â $37.25 million in 2015
Capella Tower
Location:Â 225 S. Sixth St., Minneapolis
Size:Â 111,700 square feet
Loan Value:Â $186 million
Estimated Value:Â $196.5 million
Previous Sale Price:Â $255 million in 2018
Park Square Court
Location:Â 400 Sibley St., St. Paul
Size:Â 136,000 square feet
Estimated Value:Â $7.6 million
Previous Sale Price:Â $6.8 million in 2005
Cosmopolitan Apartments
Location:Â 250 E. Sixth St., St. Paul
Size: 258 units
Estimated Value:Â $45 million
375 Jackson Square
Location:Â 375 Jackson St. and 135 Fifth St., St. Paul
Size:Â 238,000 square feet
Estimated Value:Â $6.6 million combined
Previous Sale Price:Â $13.6 million in 2007
Sold:
Loews Minneapolis Hotel
Location: 601 N. First Ave., Minneapolis
Size:Â 251 rooms
Sale Price:Â $23.5 million, including $2.35 million in furnishings
Estimated Value:Â Â $65 million in 2014
Rathskeller Building
Location:Â 882 W Seventh St.
Size:Â 20,000 square feet
Sale Price:Â Roughly $2 million
Previous Sale Price:Â $3.5 million
4Marq
Location:Â 400 Marquette Ave., Minneapolis
Size:Â 210,000 square feet of rentable space
Sale Price:Â $53 million
Estimated Value:Â $54.7 million
Kickernick Building
Location:Â 416-430 N. First Ave., Minneapolis
Size:Â 164,138 rentable square feet
Sale Price:Â $3.79 million
Estimated Value:Â $11.29 million
Previous Sale Price:Â $19.15 million in 2017
Expo Apartments
Locations:Â 200 University Ave SE, 215 Second St., 223 Third Ave. SE, and 229 Second St. SE, Minneapolis
Size: 435 units
Sale Price:Â $120 million
Estimated Value:Â $117.95 million combined