Marquette Plaza, Minneapolis
KBS Strategic Opportunity REIT has acquired Marquette Plaza, a Class A office tower in Minneapolis, for $88.4 million. According to Yardi Matrix, the property was purchased from Base Management.
The 523,000-square-foot building comprises 15 stories and features a unique arch design on its facade, complete with an aluminum and glass curtain wall with granite fixtures. The architectural landmark is situated on an expansive 1.5-acre park, the largest green space in the Minneapolis central business district. The building also includes an underground parking garage and direct connection to the Skyway, an enclosed sidewalk covering 9.5 miles. Originally constructed in 1970, the LEED Platinum-certified asset was last renovated in 2002 and offers a 40,000-square-foot data center, according to Yardi Matrix.
“We’ve seen such a lure to the Minneapolis market in recent years, which is likely due to the large amount of economic investment in the area and employers’ desire to attract and retain top talent that want to work in a thriving, vibrant neighborhood,” said Shep Wainwright, senior vice president for KBS & asset manager for the property, in prepared remarks. “KBS is looking forward to further engaging with the property by adding planned improvements including a new tenant lounge, a state-of-the-art fitness facility, updated lobbies and common areas and a creative utilization of the lawn space.”
Image courtesy of KBS