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Behringer Harvard Buys Lawson Commons for $84M-Plus

ST. PAUL-The Dallas-based real estate investment sponsor acquires the 13-story 436,342-sf building for its non-traded real estate investment trust, Behringer Harvard REIT I Inc.

By Brian K. Miller and Jim McCartney | Updated on June 13, 2005

ST. PAUL-Behringer Harvard has acquired a 436,342-sf Downtown office building here for $84.5 million, according to SEC documents. The property is Lawson Commons, located at 380 Peter St. The Dallas-based real estate investment sponsor acquired the 13-story building for its non-traded real estate investment trust, Behringer Harvard REIT I Inc.

The seller was Frauenshuh Cos., the city’s largest developer of commercial office properties. Frauenshuh constructed the building for publicly traded Lawson Software in 2000 on behalf of the City of Saint Paul. Shortly after it was completed, the St. Paul Housing and Redevelopment Authority agreed to sell the 13-story office building and the retail space along St. Peter Street to Frauenshuh for about $53.5 million. The deal did not include the parking ramp.

Lawson occupies nine of the building’s 13 floors under a long-term lease. Other tenants in the building include St. Paul F&M Insurance, Bremer Bank, Kincaid’s Fish, Chop & Steakhouse and several retail service providers. The building’s overall vacancy was not immediately available.

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