The Wells Fargo Place office tower, a landmark in downtown St. Paul, is for sale after the $90 million loan on the building was sent to special servicing a couple months ago.

The 37-story building, located at 30 E. 7th St., has been owned by an affiliate of Unilev Capital Corp. since 2006. The 656,000 square-foot building has several tenants including AgriBank, Minnesota State Colleges and Universities, Wells Fargo, the Internal Revenue Service and Larson King.

According to research firm Trepp, the loan was transferred to special servicing in May, a step that tends to indicate a borrower having trouble with a loan. The loan has a balloon payment requirement in November and is being monitored for hardship, according to Trepp reports.

"They are probably concerned with the ability to pay off the loan before then," said Sean Barrie, a research analyst with Trepp.

Cushman & Wakefield/NorthMarq was hired to market Wells Fargo Place.

"The property's owners have owned the asset for 10 years, and it's been a high-performing asset, with steady rent rolls and strong tenant base," Terry Kingston, executive director-Cushman & Wakefield/NorthMarq's Capital Markets Group, said in a statement Tuesday. "Given the interest rate environment, they are exploring their opportunities to sell or refinance."

In response to questions about its lease contracts, Kingston said most of the tenants have mid- to long-term leases and "Wells Fargo Place has a very stable rent roll."

Downtown St. Paul has experienced a development resurgence thanks in part to an abundance of building sites and former office buildings that can be converted.