EOP Sells US Bancorp Center in Minneapolis for $174M

MINNEAPOLIS-Equity Office Properties Trust of Chicago has sold the 929,694-sf US Bancorp Center in Downtown Minneapolis to Atlanta-based Wells Real Estate Investment Trust for $174 million. Wells paid cash for the property.

US Bancorp Center was developed in 2000 and is considered one of the premier buildings in downtown Minneapolis. US Bancorp Piper Jaffray occupies 77% of the 30-story building on a long-term lease. Northern States Power Co. occupies another 55,363 sf. Together, the two credit tenants account for 83% of the building’s 99.43% occupancy.

Equity Office acquired the building in the company’s merger with Cornerstone Properties in June 2000. The company is expected to continue to lease and manage the property.