Dealmaker: Sumitomo Corp. Purchases SPS Tower in Downtown Minneapolis for $144M
Michael Tucker, firstname.lastname@example.org
Sumitomo Corp. of Americas, New York, purchased 31-story office building SPS Tower in Minneapolis' central business district for $144 million.
The Minneapolis Star-Tribune reported the California State Teachers Retirement System sold the Class A asset for $220 per square foot. Eastdil Secured, New York, represented CalSTRS in the deal.
The tower, formerly called 333 South Seventh Street, opened in 1987. It was renamed SPS Tower last year when its largest tenant, SPS Commerce, expanded to occupy nearly 30 percent of the 655,000-square-foot property, the Star-Tribune said.
In addition to SPS Commerce, anchor tenants at the 84 percent occupied building include Accenture LLP. SPS Tower is connected to three adjacent buildings, the 701 Building, Ameriprise Financial Tower and the Campbell Mithun Tower, via a pedestrian skyway.
CoStar, Washington, D.C., said the building last changed hands in 1999 for $94.7 million
SCOA is active in commercial real estate, acquiring and selling properties in New York, San Francisco, Washington D.C., Los Angeles, Phoenix, Tempe, Ariz. and Miami in recent years. The firm's current office building investments include 450 B Street in San Diego, acquired in 2013, 203 North LaSalle in Chicago, acquired in 2014 and Miami Tower and Atlanta Financial Center, both acquired in 2016.