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Invesco Venture Plans Recovery for Foreclosed Towers

MINNEAPOLIS-The company, joined by WL Ross and Zeller, purchased the 65%-occupied, complex here for $110.7 million in a foreclosure, $75 million less than it sold for in 2007.

By Robert Carr | Updated on May 02, 2012

MINNEAPOLIS-Invesco Ltd., joined by minority investors WL Ross & Co. LLC and Zeller Realty Corp., have a plan to lease up the 65% occupied Fifth Street Towers here. The venture purchased the 1.1-million-square-foot office complex at 100 and 150 S. Fifth St., for $110.7 million at a foreclosure auction.

CBRE Investors Inc. sold the two-tower complex, built in the mid-1980s, to Strategic Real Estate Advisors for $186 million in 2007. Quest Communication vacated 200,000 square feet, leaving the site at 75% occupied in 2009.

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