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LaSalle Acquires Timber-Built MXU in Downtown Minneapolis
LaSalle Investment Management acquired T3, a 222,000-square-foot, Class-A, mixed-use office project in Minneapolis developed by Hines for reportedly $87 million. LaSalle purchased this property on behalf of its U.S. core open-end real estate fund, LaSalle Property Fund.
Built in 2016, T3 is located within the vibrant North Loop submarket, and anchored by Amazon, which occupies approximately 50% of the building. The site at 323 Washington Ave. is within the city’s downtown entertainment district, which has become a hub for mixed-use development given its strong access to shopping, entertainment, amenities and transit.
T3 is a modern six-story timber office building, combining a brick-and-timber architectural aesthetic with the best-in-class efficiencies and amenities of modern construction.
LaSalle’s David Schreiber says, “T3 exemplifies the character and quality demanded by today’s tenants, while the property’s unique features and high occupancy position it well for strong long-term investment performance.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
