Search
 

KanAm Grund Pays $197M for Downtown Trophy

MINNEAPOLIS-The Munich-based syndicator and asset manager says KanAm US-grundinvest Fonds invested $197 million in the acquisition of 50 South Sixth St., a 29-story, 698,606-sf office tower that is 90% leased.

By Brian K. Miller | Updated on October 27, 2005

MINNEAPOLIS-KanAm US-grundinvest Fonds, a public fund of the Frankfurt-based real estate investment firm KanAm Grund, says it has acquired 50 South Sixth St., a 698,606-sf Downtown office tower here for $197 million, or $282 per sf. The property is 90% leased. Tenants include Dorsey & Whitney, a law firm; Fallon Worldwide, an advertising agency; and Excel Bank.

The building was designed by Skidmore, Owings & Merrill and developed by Hines in 2001. The seller was Sixth & Nicollet LLC, a joint venture that includes Hines and an institutional client of Morgan Stanley Real Estate. They were represented by Holliday Fenoglio Fowler LP. Westwind Capital Partners represented KanAm Grund.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.