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Ryan Buys TCF Tower for $30M

MINNEAPOLIS–The 17-story, 308,000-sf tower has long been headquarters for TCF Financial, which is still a key tenant. Ryan Cos., which reportedly purchased the building for $30 million, is one of the largest landlords in Downtown with 1.6 million sf of office space.

By Jim McCartney | Updated on July 15, 2005

MINNEAPOLIS-Ryan Cos. recently purchased the TCF Tower, a 17-story officer tower, adding to an already impressive list of properties in the Downtown business district. The deal is reported to have been for $30 million and the seller is listed as Marina Management, which is representing an offshore investor.

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.

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