Mpls office tower sells for $6.25M—down from $200M

“It’s sad to watch the consequences of bad local government. We saw this coming.” – Paul Gazelka

By Alpha News – February 1, 2025

A 31-story office building in downtown Minneapolis that sold for $200 million in 2016 has been acquired by new owners for just $6.25 million, according to multiple reports.

Onward Investors purchased the 960,000-square-foot Ameriprise Financial Center located at 707 2nd Avenue South. The building was constructed in 2000.

Minneapolis-St.Paul Business Journal first reported the sale price, noting that the $6.25 million figure represents a 97% discount from the 2016 sale.

Onward Investors said in a press release that it is “exploring a variety of options for the property, including converting all or some of the building to uses other than office.”

“Property taxes are based on market value. If commercial market values in Minneapolis have dropped to almost nothing, homeowners in Minneapolis will have to pick up the tax shortfall,” former Republican Minnesota Senate Majority Leader Paul Gazelka said on social media in commenting on the sale. “It’s sad to watch the consequences of bad local government. We saw this coming.”

PHOTO: Ameriprise Financial Center/Onward Investors