The investment sales team at Colliers International|Minneapolis-St. Paul negotiated the sale of the Rand Tower in downtown Minneapolis between Felton Properties Inc. of Portland and Chicago-based Maven Real Estate Partners.
Maven purchased the 26-story building at 527 Marquette Ave. valued at $18.65 million.
Felton Properties purchased the building in 2014 for $16.2 million. There is currently 32,800 square feet of space available out of the total 142,800 square feet in the building, about 23 percent vacancy. The building is known for its small suites that house diverse tenants and a bustling skyway level home to popular lunch spots.
When it was completed in 1929, Rand Tower was one of the city’s tallest structures. Designed for a World War I aviator, the building is covered in Art Deco design with an aviation theme. In 1994, the structure was added to the National Register of Historic Places.
The Colliers International|Minneapolis-St. Paul investment sales team of Dave Berglund, Colin Ryan and Mark Kolsrud represented both parties in this transaction.