Search
 

World Trade Center Will Keep its Name Under New Owner

ST. PAUL - Zeller Realty says it plans to reposition the downtown St. Paul landmark as mostly office space.

By Jim McCartney | Updated on August 10, 2000

Zeller Realty, new owner of the World Trade Center in downtown St. Paul, has no plans to change the name of the building. The Department of Trade and Economic Development owns the name as part of its lease, says Jim Gearen, a principal in the Chicago-based firm. Wells Fargo, the former Norwest Corp., which is negotiating a 50,000-sf lease in the 150,000-sf retail portion of the center, hoped that naming rights to the building might be part of those negotiations, according to Wells Fargo spokeswoman Teresa Morrow.

Zeller plans to convert most of the retail space to office space, which when added to the 485,000-sf office tower, would give the building a total of 635,000-sf of commercial space, Gearen says. While the retail section of the building is largely vacant – in part due to plans to convert much of the space to other uses – the office portion has done well, with all but four the tower’s 37 floors occupied. It’s unclear what other changes the new landlords may bring to the retail portion of the building, which still has a small number of tenants.

The purchase of the World Trade Center reinforces Zeller’s position as one of the larger landlords in the Twin Cities. ”We own and manage about 2.5 million sf in the Twin Cities – that is about 5% of the office space,” Gearen told GlobeSt.com. Among Zeller’s other Twin Cities holdings are the 450,000-sf Wells Fargo Plaza in Bloomington, MN, and the 341,000-sf International Center, 271,000-sf Kinnard building and 380,000-sf One Financial Plaza, all in downtown Minneapolis.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.