111 Washington Square, Minneapolis, Minn.
According to an article recently published by the Twin Cities Business Journal, San Francisco-based real estate investment company, Shorenstein wants to market the 1.1 million-square-foot Washington Square office complex it currently holds title to in downtown Minneapolis.
The source, who chose to remain anonymous, revealed that the property is marketed as a three-building package deal, and that the buildings are 80% leased.
Shorenstein acquired 20 Washington Square, 100 Washington Square, and 111 Washington Square as a portfolio sale in 2014 for approximately $100 million from a real estate investment fund managed by Los Angeles-based CommonWealth Partners. With its investment, Shorenstein established itself as one of the top players in the Minneapolis commercial real estate market.
20 Washington Square, Minneapolis, Minn.
Washington Square is located in the Gateway District and was designed by Minoru Yamasaki. The campus year-built ranges from 1964 to 1986, and all the buildings have been EPA Energy Star certified. 20 Washington Square underwent an extensive renovation effort which was completed in 2008, while 100 Washington Square’s lobby and plaza were fully upgraded in 2017. The buildings also share approximately 900 parking spaces.
The repositioning efforts have reportedly cost Shorenstein close to $35 million, while the asset estimated sale price is expected to come in at around $175 per square foot, per the same anonymous source.
More info on the Washington Square campus can be found here: http://www.washingtonsquare-mn.com, and here: https://shorenstein.com/portfolio/investments/property?id=6984#prop_descr
Property images courtesy of Yardi Matrix.
