After being bought for $200M in 2016, Minneapolis office tower sells for reported $6.25M
A downtown Minneapolis office tower that sold for $200 million in 2016 has sold again for a fraction of the price.
Minnetonka-based private investment group Onward Investors have bought the 31-story Ameriprise Financial Center at 707 2nd Avenue South, with the Minneapolis-St. Paul Business Journal reporting it was sold for just $6.25 million.
That represents a 97% reduction on the $200 million the building sold for in 2016 to BAM 701 LLC, which is affiliated with Florida-based real estate investment firm Morning Calm Management.
Ameriprise had previously announced that the lease on its office space at the 960,000-square-foot building was expiring in 2025, and will consolidate its downtown offices into one building at 901 3rd Ave. S., which it owns and will be renamed Ameriprise Financial Center Headquarters.
Even though a number of major companies are requiring workers to spend more time in the office, the COVID-19 pandemic still appears to have irrevocably altered the dynamic between in-office and remote work, with commercial building values cratering as businesses downsize their office floorspace.
In the announcement of its purchase, Onward Investors says it is "exploring a variety of options for the property, including converting all or some of the building to uses other than office."
"The purchase of the Ameriprise Financial Center is another demonstration of our desire to be an active participant in the recovery of downtown Minneapolis. We believe that now is a great time to be investing in the city's future and look forward to engaging a multitude of stakeholders in the coming months as we re-imagine this well-known asset in the Minneapolis skyline," said Jon Lanners, Partner at Onward Investors.
The investment firm says Ameriprise Financial Center is "well-located within the Minneapolis skyway system, providing direct access to the Minneapolis Club, Capella Tower, SPS Tower, and Baker Center," as well as below-grade parking for over 300 vehicles.
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