50 South Tenth Street, almost all of which is leased by Target Corp., is for sale.
Glen Stubbe, Star Tribune
Nicollet Mall office tower mainly used by Target listed for sale
- Article by: JANET MOORE
- Star Tribune
- February 12, 2014 - 5:37 AM
An office building in a prime location on Nicollet Mall in downtown Minneapolis is for sale, according to CBRE’s Twin Cities office.
Known as 50 South 10th Street, the listing includes an 11-story office tower and street- and skyway-level retail space, but not the Target store, which is owned by the Minneapolis-based retailer, said Steve Buss, CBRE executive vice president.
A city-owned 830-space underground parking lot is not part of the deal, either.
The seller is an entity tied to Massachusetts-based Franklin Street Properties Corp., an investment firm specializing in real estate that purchased the building in February 2007.
Target is the major tenant in the building. Last year, Franklin Street Properties said it has extended and expanded Target’s lease for space (about 449,000 square feet) in the building until March 31, 2030.
Buss declined to say what price the property may fetch. He is working with CBRE brokers Tom Holtz and Ryan Watts on the deal.
The building was erected in 2001 by Ryan Cos., which had developed headquarters for U.S. Bancorp, Piper Jaffray and Target beginning in 1998 — projects that transformed the south end of Nicollet Mall.
The original anchor tenant at 50 South 10th Street was the software firm Retek Information Systems (now part of Oracle Corp.), and it was known as Retek on the Mall.
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