A Golden Valley-based firm has purchased 180 Fifth Street East, an office building in downtown St. Paul that is strategically located near the Union Depot and light-rail trains.

Talon Real Estate Holding Corp. paid $40 million for the historic structure, which dates back to 1914, according to Greg Pfleider, Talon's senior vice president.

The 672,000-square-foot structure, which spans 13 stories, is about 62 percent leased, but Pfleider says there's enormous potential for the office space, especially due to its proximity to the new Green Line light-rail service.

"We are right next door to light rail; it is a very enticing location," he said.

Several tenants occupy the landmark building, including sports retailer Gander Mountain's headquarters.

Talon recently bought 10301 W. Bren Road in Minnetonka, the home of the Minneapolis Mart, for $18 million.