Lucrative Office Sales Return to Twin Cities

The occupancy rate of Plaza Seven in Minneapolis went from 58% to 97% in about two years.

MINNEAPOLIS—City Center Realty Partners, LLC and its partner Angelo, Gordon & Co., have just sold this city’s Plaza Seven office tower to Franklin Street Properties Corp. for $82 million. It’s a big gain for CCRP, which bought the downtown property just three years ago for $43.6 million and significantly boosted its occupancy rate.

It also may be a sign that another round of lucrative trades has begun. As reported in GlobeSt.com, a few years ago investors like the San Francisco-based CCRP, which has invested heavily in several other office properties here, bought up many office buildings both downtown and in the suburbs. And a few months ago, the owner of the IDS Center, the Twin Cities’ most notable office property, named Holliday Fenoglio Fowler, L.P. to market it for sale.