Chicago & Midwest + Midwest + Office | July 26, 2023

CBRE Arranges $225M Sale of Minneapolis’ RBC Gateway Tower Office

CBRE has arranged the sale of the office component of RBC Gateway Tower, a newly constructed mixed-use tower in Minneapolis, Minnesota, for $225 million to San Francisco-based Spear Street Capital.

The transaction involves the 525,000 square-foot office space, the ground floor office lobby, and 296 executive parking spaces. The seller, Minneapolis-based United Properties, was represented by Ryan Watts, Tom Holtz, Brandon McMenomy, Steven Ward, Greg Greene, and Harrison Wagenseil of CBRE.

“RBC Gateway Tower is a crown jewel in the Gateway District, with unmatched location and amenities. Premier properties like this offer exceptional workspaces that cater to the needs of modern employees, making them highly desirable as companies adapt to new workplace trends,” said Watts.

The 1.2 million-square-foot building, located at 250 Nicollet Mall, is currently 99% leased to six tenants, including anchor tenant RBC Capital Markets, United Properties, and Pohlad Companies. The sale did not include the Four Seasons Hotel Minneapolis or luxury condos located in the building.

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.

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