MINNEAPOLIS—Shorenstein Properties has completed the purchase of the Target headquarters building here for a reported $205.5 million, the company said in a statement today.
Brookfield Office Properties Inc. sold the property, the 33 South Sixth complex, which 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 1.1 million square feet of Class A office space. 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.
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.
Douglas Shorenstein, chairman and CEO of Shorenstein, said Minneapolis is growing faster than many larger metro areas, and has wisely invested in its future success by developing the infrastructure necessary to attract more businesses and residents to downtown. “We are pleased to have Target, which has done so much for Minneapolis, as our major tenant,” he said. “We plan to work with our tenants and the community to add value to the city and to this important property by using our extensive expertise operating Class A office properties.”