Toronto-based Brookfield Properties Corp., a major property owner in downtown Minneapolis, confirmed Friday that it has put Dain Rauscher Plaza up for sale and is also trying to sell a debt instrument attached to two other properties -- the City Center retail complex and the adjoining 33 South Sixth Street office tower.
David Sternberg, senior vice president in Brookfield's Minneapolis office, declined to elaborate on either proposed transaction.
Reports of the potential sale of the Dain Rauscher building had circulated since late last year. Besides RBC Dain Rauscher, tenants in the building at 60 S. 6th St. include Marquette Financial Companies and Martin/Williams Advertising.
Commercial real estate observers said Friday that selling a debt instrument like the one connected to City Center and 33 South Sixth is not the same as selling the buildings themselves. Under some circumstances it could lead to their sale, they added.
Both 33 South Sixth and City Center were built about 25 years ago. The office building, formerly known as the International Multifoods Tower, now has Target Corp. as its largest tenant.
City Center has struggled as a shopping complex and in 2005 underwent a renovation that saw its third floor converted to office space. Its retail tenants include Marshall's, Office Depot and Brooks Brothers.
Brookfield's other downtown properties include Gaviidae Common I and II, the retail complex anchored by Neiman Marcus and Saks Off 5th.
Susan Feyder • 612-673-1723
