CBRE has arranged the sale of the office component of RBC Gateway Tower, a newly constructed mixed-use tower in Minneapolis, Minnesota, for $225 million to San Francisco-based Spear Street Capital.
The transaction involves the 525,000 square-foot office space, the ground floor office lobby and 296 executive below-grade parking spaces. The seller, Minneapolis-based United Properties, was represented by Ryan Watts, Tom Holtz, Brandon McMenomy, Steven Ward, Greg Greene and Harrison Wagenseil of CBRE.
“RBC Gateway Tower is a crown jewel in the Gateway District, with unmatched location and amenities. Premier properties like this offer exceptional workspaces that cater to the needs of modern employees, making them highly desirable as companies adapt to new workplace trends,” said Watts in a statement.
The 1.2 million-square-foot building at 250 Nicollet Mall houses Minnesota’s first five-star hotel, the 222-room Four Seasons Hotel Minneapolis, and 34 luxury Four Seasons Private Residences on the uppermost floors. Three restaurants are also on-site, including Chef Gavin Kaysen’s Mara, a full-service restaurant and bar, and Socca Café. The office space is currently 99% leased to six tenants, including anchor tenant RBC Capital Markets, United Properties and Pohlad Companies.
The sale did not include the Four Seasons Hotel Minneapolis or luxury condos located in the building.
