Seems architectural significance is worth more than size when it comes to the price of downtown buildings today. According to the public filing, local developer Chad Tepley of CDT Realty paid $7.1 million for 20 Washington Av. S. in Minneapolis, the iconic six-story Minoru Yamasaki building known for its dramatic white columns and green marble exterior. That’s nearly $1 million more than the purchase price of Ameriprise Financial Center earlier this year. And at 960,000 square feet, the 31-story Ameriprise tower is more than five times the size of 20 Washington.
The story of the Ameriprise building, which Minnetonka-based Onward Investors plans to revitalize and possibly convert to non-office uses, is one example of how far skyscrapers have fallen in value. But reaction to last week’s 20 Washington sale feels much more hopeful. Perhaps it’s because the Midcentury building, from the designer of the original World Trade Center in New York, is such an architectural standout. Or maybe it’s the key location at the intersection of the river, North Loop and the central business district. Or maybe it’s Tepley himself. A Rochester native who built his real estate career in Chicago before returning in 2020 to be closer to family, Tepley understands the significance of this property and the opportunity to make it a gateway to downtown.
In fact, Gateway District is how the area around 20 Washington was described when it opened in 1965, but that vision was never fully realized. As recognizable as the building is from the outside, very few have been in it. Even enjoying its exterior reflection pools and sculpture garden always felt a bit like trespassing.
That air of mystery comes from the building having always been occupied by a single tenant — originally Northwestern National Life and most recently Voya Financial — with no public amenities. While Tepley is not ready to announce how the building will be used (I tried, I really tried) it’s safe to say it will become more open to the public, from the expansive concrete area under the portico to the rooftop with panoramic views of the city.
I got to take in the rooftop views last week, along with Strib downtown reporter Katie Galioto, and ponder the possibilities — a swanky bar, perhaps overlooking an ice rink built on the reflection pools? Tepley neither confirmed nor denied these ideas.
But he did take us on a tour through the six-story building. Opened in 1965, it gives strong Mad Men vibes. The minimalist, white marble lobby is in move-in condition. Wood paneling on many conference room walls is pristine, and the details throughout the building are incredible, like a pattern on the elevator ceilings that replicates the lines of the portico. It could take a year to secure the historic designation that will unlock tax credits for the renovation. In the interim, I suggested Tepley offer up the space in its current locked-in-time state to film makers. The cast of Severence would fit right in.
This is going to be an exciting project to follow, with the potential to really create energy at the tip of Nicollet Mall.
Innovation
San Diego-based scientist Stephanie Culler made her first trip to the Twin Cities last week to talk about gut health with a group of local investors convened by Pamela York and Kathy Tune, managing partners of Capita3. Culler is the founder and CEO of Persephone Biosciences, which launched its first science-backed gut health product for infants and toddlers in September. Persephone’s synbiotic (that’s prebiotic and probiotic) powdered formula has been clinically validated to aid healthy immune development in children age 2 and under.
