DULUTH – U.S. Bank is looking to sell its 10-story building in downtown Duluth, though the bank intends to remain as a tenant.
“We are proud to serve our customers in the Duluth area and look forward to continuing to serve the community,” spokeswoman Boua Xiong said in a statement. “Although we have put our current site on Superior Street up for sale, we plan to sign a long-term lease with the new owners. We do not expect this to impact our customers or to change the number of our employees who work in the building.”
No listing price was available. Brokers with Cushman & Wakefield, the firm handling the listing, were unable to comment.
County tax records have the property assessed at $7.68 million.
The 150,000-square-foot building, at 130 W. Superior St. in the heart of downtown, was built in 1982, making it one of the newest buildings in Duluth’s skyline. It replaced the five-story Glass Block department store, which had stood since 1892.
It’s unclear if the parking ramp behind the building on Michigan Street — which closed last year amid needed repairs — would be included in a sale. U.S. Bank is listed as the taxpayer of that circa 1968 structure the county said has a market value of $1.35 million.
U.S. Bank, based in Minneapolis, is the state’s largest bank, with $86.5 billion in deposits and 31.7% market share, according to the Federal Deposit Insurance Corp.
The listing comes as the bank will permanently close its Lincoln Park branch at 2000 W. Superior St. on Nov. 1 after temporarily closing during the pandemic.
“The company’s business, financial condition, liquidity, capital and results of operations have been, and will likely continue to be, adversely affected by the COVID-19 pandemic,” the bank wrote in a federal filing this summer. “The company cannot predict at this time the extent to which it will continue to be negatively affected by the COVID-19 pandemic.”