Developer Ryan Cos. has added another property to its portfolio in the northeast quadrant of downtown Minneapolis by purchasing a century-old office building that is connected to the skyway.
The Minneapolis-based firm bought the six-story, 72,000-square-foot building at 312 S. 3rd St. for just over $4 million last month, according to a certificate of real estate value filed last week.
Tony Barranco, vice president of development at Ryan, said "it is a value-add opportunity," meaning the company will invest in some upgrades to the property but doesn't have plans for a major redevelopment.
The building, built in 1906, is home to Kinney & Lange, an intellectual property law firm. The seller, Skyway Properties, is a Florida-incorporated entity composed of some members of the law firm.
While the building may be humble by itself, it is strategically located just two blocks from Ryan's marquee project — the new Wells Fargo towers in Downtown East — and is connected via skyway.
The building sits on a long and narrow parcel that backs up to Latitude 45, an apartment complex under development by Alatus, and faces the backside of the U.S. District Court building.