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Downtown Minne Office Building Fetches $96M

MINNEAPOLIS- Teachers Insurance and Annuity Assoc.-College Retirement Equities Fund sells the 725,000-sf, class A Campbell Mithun Tower here to Principal Real Estate Investors. The 41-story building is about 80% leased to approximately 40 companies.

By Brian K. Miller | Updated on September 23, 2005

MINNEAPOLIS-Teachers Insurance and Annuity Assoc.-College Retirement Equities Fund has sold the Campbell Mithun Tower in Downtown Minneapolis for $96 million or $about $132.50 per sf. The 725,000-sf class A office building is about 80% leased to approximately 40 companies. The new owner of the 41-story tower is Principal Real Estate Investors.

Located at 222 S. Ninth St., Campbell Mithun Tower was completed in 1986. Key tenants include Campbell Mithun, which currently occupies 120,000 sf, and Berkley Risk, which occupies 93,000 sf. Capella University occupies 91,000 sf and in July announced a long-term lease renewal on its space. The building is skyway-connected in two directions.

PREI is mulling plans to upgrade Campbell Mithun Tower’s common spaces. It has retained United Properties to lease and manage the property. Northstar Partners/Cushman & Wakefield represented TIAA-CREF in the sale.

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