MINNEAPOLIS—For several years, investors have been jumping at the chance to own office property in the Minneapolis CBD, attracted by its remarkably strong economy and workforce. Chicago-based Golub & Co. and Oaktree Capital Group LLC just became the latest group to make a major downtown purchase by acquiring RSM Plaza, a 415,000 square foot office tower and 850-stall parking ramp at 8th St. and Nicollet Ave. Golub purchased the building for an undisclosed price from United Properties in a transaction that represents the largest company-owned asset that United Properties has sold in its nearly 100-year history.

Golub vice president Adam Short led the acquisition team and tells GlobeSt.com that in addition to the impressive economy, "there is a lot of liquidity in the market today, and hopefully, in the future as well." Any possible sale is still being evaluated, but the building is right in the Golub wheelhouse, in that it's a class B building that is well-occupied, well-located, but still has some room for improvement.

"We typically look for properties that we can add value to," Short says. Golub and its partners will conduct a $10-million renovation, which Short expects they will complete in mid-2017. "If we do decide to sell, we strongly believe that there will be many interested buyers."