The former Ecolab skyscraper in downtown St. Paul was sold for $3.6 million to local developers who will turn it into a multitenant office tower.
According to an electronic certificate of real estate value made available this week, Haddington Associates LLC sold the 20-story, 280,000-square-foot building to a group led by St. Paul-based PAK Properties.
“We have a dynamic team that is moving forward this project step-by-step,” PAK owner Rich Pakonen said in a statement. “We have been able to close on the purchase and are now focused on creating what we think can be transformative office space and new energy for downtown St. Paul.”
Ecolab has been moving workers from several buildings, including the tower at 370 Wabasha St., to the nearby former Travelers Cos. tower.
The buyers are renaming the tower Osborn370, mashing the street address with the name of Ecolab founder Merritt J. Osborn.
Other firms involved in the buying group are Minneapolis developer Schafer Richardson, Grand Real Estate Advisors of St. Paul, Bloomington-headquartered Halverson and Blaiser Group and Chasing Growth LLC, which is owned by local entrepreneurs Scott Burns and John Bergstrom.
Marketing materials for Osborn370 said space will be available in September and that the building will be “amenity rich with outdoor plazas, soft seating, conference and meeting spaces.”
“As the iconic and formerly private tower of Ecolab, Osborn370 is being completely redesigned for an inviting, open and collaborative environment to foster creativity and innovation,” a marketing message on the building’s website said. “Our unique, community-focused model helps modern businesses work together to grow. Perfect for start-ups, freelancers and companies of all sizes and sorts.”