The seller was Zeller Realty Group, a privately held company based in Chicago. Behringer Harvard, a real estate investment trust based in the Dallas area, retained Zeller to manage One Financial Plaza.
"One Financial Plaza provided us with an attractive opportunity to acquire a stabilized asset in the vibrant central business district of Minneapolis," says Robert Behringer, the chairman and chief executive officer of Behringer Harvard.
One Financial Plaza, originally constructed for First National Bank in 1960, received a $23-million renovation program in 1991 and additional capital improvements of $3.8 million in 1996. The property is located across the street from a light rail transit station, and various skyways provide convenient access from the Plaza to other structures across Second Avenue, Fifth and Sixth streets, and Marquette Avenue.
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