Marquette Plaza sells for $88.4 million
The Marquette Plaza office building in downtown Minneapolis has sold for $88.4 million.
The 15-story building was purchased by California-based real estate investment trust KBS Strategic Opportunity REIT.
The landmark building, located on Marquette Avenue between Washington Avenue and 3rd Street, is known for its smile-like glass arch and 1.5-acre park. It used to be the headquarters for the Federal Reserve Bank of Minneapolis.
“We’ve seen such a lure to the Minneapolis market in recent years, which is likely due to the large amount of economic investment in the area and employers’ desire to attract and retain top talent that want to work in a thriving, vibrant neighborhood,” Shep Wainwright, senior vice president for KBS and asset manager for the property, said in a statement.
He said the firm plans improvements such as a new tenant lounge, a state-of-the-art fitness facility, updated common areas and “creative utilization of the lawn.”
Nicole Norfleet • 612-673-4495 Twitter: @stribnorfleet