CBRE Secures $81M Minneapolis Office Sale
- Jul 10, 2019
CBRE has secured the sale of 222 South Ninth Street, a 730,000-square-foot office tower in Minneapolis. The 42-story building will be rebranded as Two22. Lingerfelt CommonWealth Partners LLC acquired the asset via its investment platform, Commonwealth Commercial Partners—the company’s affiliated commercial real estate operating firm—for $81 million, according to the Minneapolis/St. Paul Business Journal.
Ryan Watts, Judd Welliver, Sonja Dusil and Tom Holtz of CBRE Minneapolis worked on behalf of Principal Real Estate Investors in the transaction. Atlantic Real Estate Capital arranged acquisition financing for the property.
Located at 222 S. Ninth St., in the heart of Minneapolis’ Skyway System, Two22 is close to various hotels, dining and business venues. Additionally, US Bank Stadium is situated a few blocks away. Built in 1985 and then renovated in 2007, the property was previously known as the Piper Jaffray Tower and most recently as the Campbell Mithun Tower. Two22 is currently 51 percent occupied and includes common-area amenities such as a conference center with two conference rooms, underground parking, fitness center, secure bicycle storage, coffee shop, hair salon and a catering service.
Lingerfelt plans to invest $20 million in renovations. Upgrades will include improving the elevator, a first-class amenity package, a first-floor lobby renovation and an outdoor terrace. Two22 includes 10,500 square feet of retail space. According to Yardi Matrix, the property last traded in 2005, when Principal Global Investors acquired the asset for $96.5 million.
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