Minneapolis, MN
Downtown Minneapolis’ Wells Fargo Center sells to trio of investor groups
“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,” the release said.
The overall office vacancy rate for downtown Minneapolis at the end of the third quarter was 23.4%, up a percentage point from the same quarter a year ago, according to brokerage firm Colliers.
Current vacancies, which are far higher than before the pandemic, are forcing some building owners to sell at significantly discounted prices. In September, a pair of office towers known as the Forum sold for $6.5 million, representing a discount of more than 90% discount from 2019 when the towers sold for nearly $74 million.