Developer Ryan Cos. has added another investment to its portfolio in northeast quadrant of downtown Minneapolis by purchasing a century-old office building that is skyway-connected to a booming stretch of the city.

The Minneapolis-based firm bought the six-story, 72,000-square-foot building 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 of the site. 

The building, built in 1906, is home to Kinney & Lange, an intellectual property law firm. The seller, Skyway Properties LLC, 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, a major redevelopment effort currently underway -- 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 LLC, and faces the backside of the U.S. District Court building. 

Older Post

Construction to begin on 17-story condo tower in Minneapolis

Newer Post

Twin Cities home prices post biggest gain in a year