A joint venture between Cross Ocean Partners, Neuberger Berman Special Situations client funds and Onward Investors acquired the iconic 57-story Wells Fargo Center in the heart of Minneapolis’ downtown commercial district.
The landmark property, Minneapolis’ third-tallest building and a mainstay of the city’s skyline, opened in 1987 as the headquarters of Norwest Corporation (which since merged with Wells Fargo) and was designed by internationally acclaimed architect César Pelli in art deco style.
Currently 62% leased with up to 110,000 square feet of contiguous availability, the 1.15 million square foot trophy office building has long been one of Minneapolis’ most desirable, averaging 95% occupancy since 1988. Previously sold in 2019, considerable renovations have since been made, and ownership intends to continue to strategically invest in the property. Pairing state-of-the-art amenities with timeless design, the Wells Fargo Center is well-positioned to attract tenants seeking a premier building in a dynamic urban environment.
“This acquisition epitomizes our fundamental value investment strategy of opportunistically capitalizing upon market dislocation and demonstrates Onward Investors’ continued commitment to playing an active role in Minneapolis’ revitalization,” said Jon Lanners, Partner at Onward Investors, in a statement.
