The Fifth Street Towers in downtown Minneapolis have been sold for $154 million, marking the first major real estate sale in the city this year.
Fifth Street Towers sell for $154 million
The Fifth Street Towers in downtown Minneapolis have been sold for $154 million, marking the first major real estate sale in the city this year.
January 20, 2015 at 5:24PM
The buyer is a limited liability company of California-based PIMCO, a global investment firm. The seller, a Texas-based LLC joint venture between Zeller Realty and Invesco, finalized and filed the sale Friday, according to a certificate of real estate value.
Built in 1984 and 1988, the towers stand 25 and 36 stories tall, respectively. The two towers include more than 1 million square feet of skyway-connected space.
Hennepin County values the property at $112.3 million, according to tax information.
The last private sale of the property was in 2007 for $186.4 million, according to Hennepin County records.
PIMCO has not yet returned phone calls.
Two former employees say REI policy has made it easy for thieves to get away.
