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Shorenstein Snags Minneapolis Tower for $255M
San Francisco-based Shorenstein Properties LLC acquired Capella Tower, the largest downtown Minneapolis office complex, from ASB Capital Management for $255 million. The 58-story tower serves as an iconic landmark on the skyline with its cylindrical form and distinctive crown.
The 1.4-million-square-foot tower and an adjoining 20-story Star Tribune Building are located at 225 South Sixth St. Tenants at the complex include Capella Education Co., Winthrop & Weinstine law firm, Baker Tilly accounting firm, the Star Tribune, and WeWork’s first Minneapolis co-working site.
ASB’s Larry Braithwaite says, “After successfully owning the asset for 11 years, Capella had become a less strategic investment from a portfolio diversification standpoint, and the current market dynamics presented a good opportunity to sell and redeploy capital.”
Washington, DC-based ASB made the sale on behalf of its Allegiance Fund, a $7.4 billion core vehicle. Eastdil Secured was engaged last fall to market the asset for sale.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
