September 1, 2016
Star Tribune
By: Nicole Norfleet
Ameriprise Financial Center in downtown Minneapolis has sold for $200 million, the biggest real estate transaction in the state this year.
Minneapolis-based Founders Properties LLC, sold the office tower to Morning Calm Management, a West Palm Beach, Fla.-based real estate investment and management firm, according to a transaction record filed Wednesday.
“The property stands as one of the highest quality assets in downtown Minneapolis,” Mukang Cho, Morning Calm’s chief executive, said in an e-mail.
The building at 707 2nd Av. S. is the headquarters of Ameriprise, one of the nation’s largest full-service investment firms.
The company has a multiyear lease at the building that will not be affected by the sale.
The 848,000-square-foot, 31-story building was constructed in 2000. According to Hennepin County property records, it’s valued about $125.8 million.
Founders is a privately held real estate investment company that was formed by Best Buy Founder Richard M. Schulze and Opus Group founder Gerald Rauenhorst. A representative from Founders wasn’t immediately available Thursday.
The next-biggest office transaction in Minnesota this year was the sale of the Plaza Seven building, now called PwC Plaza, earlier this summer for $82 million.