Canadian Pacific Railway will move from its current home in the Soo Line Building in downtown Minneapolis to One Financial Plaza at 120 S. Sixth St. just around the corner.

The historic Soo Line Building, of course, is slated to be redeveloped into 250 upscale apartments by Michigan-based Village Green.

About 400 employees will move to the new building, which will be renamed Canadian Pacific Plaza, according to a news release issued jointly Thursday by the railroad and Hempel, a Minneapolis based commercial real estate investor that specializes in new and adaptive reuse of properties.

The Soo Line Building, which was constructed in 1914, housed the Soo Line Railroad operations until Canadian Pacific took full control of the firm in 1990.

Canadian Pacific U.S. Vice President Doug McFarlane says the close proximity of both buildings will make it easier for staff to make the transition. The relocation will begin in a week or so and is expected to be completed by August.

Janet Moore covers commercial real estate for the Star Tribune.