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Welsh Pays $40M for International Centre Complex

MINNEAPOLIS-The Bloomington-based commercial real estate firm that has focused mostly on the suburbs buys the two Downtown towers, totaling 614,193 sf, from a partnership of Zeller Realty of Chicago and ING Realty Partners.

By Jim McCartney | Updated on August 03, 2004

MINNEAPOLIS-Welsh Cos. has bought International Centre I & II at 900 and 920 2nd Ave. Downtown. Although the parties did not publicly disclose the price for the towers, which have a total of 614,193 sf, industry sources estimates put the price at $40 million.

Welsh says it plans to aggressively pursue tenants to fill the 65% of available space, which could include building naming rights for a large tenant. Welsh has focused mostly on suburban properties in the past, and the International Centre complex is its first in the central business district.

Welsh, based in Bloomington, owns about seven million sf of office, industrial and retail space in the Midwest, mostly in Minnesota and Ohio. Among its other properties is the 440,000-sf Southdale Office Centre in Edina.

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