The Fifty South Sixth building in downtown Minneapolis has sold for $258.5 million, one of the highest prices for a Twin Cities office building in recent years.
Fifty South Sixth building fetches $258.5 million in sale
January 5, 2018 at 1:39AM
The 29-story office skyscraper on the corner of Nicollet Mall and 6th Street has been purchased by an entity associated with Singapore-based real estate development and investment company Mapletree, according to an electronic certificate of real estate value available Thursday.
A representative from Mapletree was not available for comment.
Houston-based real estate company Hines had owned the Class A office tower since 2010 when it bought it for $180 million. Last year, the ninth floor of the building was renovated to add a lounge, conference center and a state-of-the-art fitness center.
The Class A office tower is home to law firm Dorsey & Whitney, the Deloitte accounting firm and Stinson Leonard Street, which moved into the building last fall.
Fifty South Sixth has an assessed value of about $145.5 million, according to Hennepin County property records.
The new purchase price for the building works out to about $375 per square foot.
The Colonnade office complex in Golden Valley, which is about half the size of Fifty South Sixth, sold last summer for about $100 million.
In 2016, City Center office and retail center set a state record for a Minnesota skyscraper when it was sold for $315 million to a subsidiary of Chinese conglomerate HNA Group. The Ameriprise Financial Center also sold that year for $200 million.
In 2014, the state's largest office property — the Normandale Lake Office Park in Bloomington — was sold for $369 million, a deal that amounted to $217 per square foot.
Nicole Norfleet • 612-673-4495 Twitter: @nicolenorfleet
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