The news website Axios had an alarming story recently: Vacancy rates in downtown Minneapolis may result in the demolition of an office tower, the Ameriprise Financial Center (707 2nd Av. ), just 24 years old.
The building’s owner, the GHR Foundation, hasn’t directly said they’re going to tear down the 31-story building. Spokesperson Tara Kaushik said the foundation “is evaluating options for the building after the tenant’s lease expires in October 2025. GHR Foundation has the goal of an outcome that balances what is best for the community, the Foundation, and the building.”
But once Ameriprise consolidates its downtown offices in a building a few blocks away, the company’s former headquarters will be empty.

Consider the structure that could be imperiled. The Ameriprise tower is a box intersected by a semicircular wedge. It’s an agreeable building — not showy or self-consciously peculiar. The hue of the marble exterior is a bit dated. Its skyway connections poke through a two-story colonnade, looking like clumsy afterthoughts. The lobby on the second floor is glum and dim, with an enormous photographic mural of gigantic cardboard boxes. It needs a refresh.
It also needs tenants.
With office vacancy rates nearly 30% and the value of other class-A towers dropping, the future of the building isn’t so bright. Renovating it to make it competitive with other buildings like Baker Center or the Capella Tower, each with new tenant amenities, costs money. Converting office towers to housing is even more costly.
Putting an unoccupied skyscraper out of its misery sounds radical. But given the state of downtown and the collapse of the office-work paradigm, the prospect isn’t unthinkable.
Just because a building is big doesn’t mean it’s eternal. Tall towers go down for all sorts of reasons. In fact, we’ve been tearing down skyscrapers almost as soon as we started building them.