The 308,000-sf building, which is located at 121 S. Eighth St., was built in 1981 and has some 296,000 sf of office space and 12,000 sf of retail space. Wayzata-based TCF Financial is the building's namesake and remains a key long-term tenant in the building. The building is about 80% leased.
The deal was "was one we felt we couldn't pass up," says Pat Ryan, president of Ryan Cos., which is based here. Ryan cited both the location of the tower in the central business district and on the skyway system, and the timing with regards to the commercial real estate "market cycle" for doing the deal.
Ryan will likely bring its management skills to upgrade the 24-year-old property and fill it with tenants. Speculation is running through the commercial real estate community that Ryan may eventually tear the building down and build new, although it does not appear that the company would do that anytime soon.
Ryan owns a diverse portfolio of Downtown properties, including the AT&T Tower, Essex Building, Retek On the Mall and River Parkway Place. With the TCF Tower added to its portfolio, Ryan now owns and manages about 1.6 million sf of building space in the Downtown area.
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