Virginia Firm Buys Campbell Mithun Tower
A key part of the Minneapolis skyline is getting a new owner, name, and face-lift. Virginia-based commercial real estate firm Lingerfelt CommonWealth Partners has purchased the 42-story office tower at 222 South Ninth Street in downtown Minneapolis from Principal Real Estate Investors.
Known originally as the Piper Jaffray Tower and more recently as the Campbell Mithun Tower, the 727,170 square foot building will be rebranded as Two22. The tower also will undergo a $20 million renovation.
Lingerfelt’s improvement plans include modernizing the commercial structure’s elevators, renovating and enhancing its Skyway areas, updating the lobby, and adding an outdoor terrace and more tenant amenities.
Currently the fifth tallest tower in the city and the second-highest glass-curtain tower, the building is 51 percent occupied. As noted in a press release from Lingerfelt, this “represents a significant repositioning opportunity in a market that has experienced successful repositionings over the past few years.”
Ryan Lingerfelt, president and chief investment officer of Lingerfelt Commonwealth Partners, said the acquisition fits with the company’s “strategy of value investing in real estate markets with improving economic fundamentals.”
Adds Lingerfelt: “We're looking forward to executing our business plan and delivering a great product for the city and building asset value for our investors.”
The ownership change for the iconic Two22 building comes nearly three decades after it was first built.
It has recently been managed by Cushman & Wakefield, but per the sale, Lingerfelt’s affiliated commercial real estate operations firm Commonwealth Commercial Partners will take over management responsibilities. Commonwealth will also itself move into the building, opening its 15th national office.
“We're excited to expand our company to the dynamic market of Minneapolis,” said Ken Strickler, president of Commonwealth Commercial Partners.