Shorenstein Properties recently completed the acquisition of 33 South Sixth, an office building in the heart of downtown Minneapolis. The seller was Brookfield Office Properties Inc., and the terms of the transaction were not disclosed.
Shorenstein made the purchase on behalf of Shorenstein Realty Investors Ten, L.P., a commingled fund formed in 2010 with $1.23 billion of committed capital. This is Shorenstein’s second acquisition in Minneapolis. In 1992, the company acquired LaSalle Plaza for its first investment fund. That property was sold in 1997.
Built in 1983, 33 South Sixth occupies an entire city block bounded by Nicollet Mall, Hennepin Avenue and Sixth and Seventh streets. The project contains 1.6 million square feet of commercial space including a 50-story tower with 1.117 million square feet of Class-A office space that sits atop a 489,000-square-foot four-level retail podium. Also included in the transaction is a 687-stall, three-story parking structure and a ground lease encumbering the adjacent 583-room Minneapolis Marriott City Center Hotel.
Douglas Shorenstein, chairman and chief executive officer of Shorenstein Properties, said, “This property is in a superior office and retail location in a dynamic city. Minneapolis is growing faster than many larger metro areas, and it has wisely invested in its future success by developing the infrastructure necessary to attract more businesses and residents to downtown. “