Shorenstein Properties LLC recently purchased Washington Square, a portfolio including three office buildings, a parking garage and an adjacent development parcel in downtown Minneapolis.
The three buildings are 20 Washington Square, a six-story office building that is fully leased to a single tenant on a long-term lease; 100 Washington Square, a 22-story multi-tenant office building that is currently 71 percent leased; and 111 Washington Square, a mixed-use building with 15 floors of vacant office space above two floors of below-grade data center space.
The purchase includes a seven-level parking structure with 900 spaces and an adjacent 1.25-acre development parcel that serves as surface parking.
The property sits at the convergence of the downtown core and the burgeoning North Loop neighborhood. Shorenstein also owns 33 South Sixth Street, a 1.6-million-square-foot mixed-use office/retail property just four blocks away on the Nicollet Mall.
Shorenstein made the acquisition on behalf of its 10th real estate investment fund, formed in 2010 with $1.23 billion in committed capital from Shorenstein and its investors.