CalPERS to sell Minneapolis office
The $288 billion California Public Employees' Retirement System and Hines have plans to sell Washington Square, an office property in Minneapolis, to Shorenstein Properties. The sales price has not been confirmed, but it is reportedly more than $100 million.
CalPERS and Hines purchased the three-building complex totaling 989,004 square feet in 2007 for $124.2 million. The property was built in 1984. It was renovated in 1985. Major tenants include the Voya Financial, Wells Fargo, CommonWealth Partners and Stein Agency.
CalPERS has been actively selling its assets this year.
In June 2014, the pension fund sold the 542-unit Kirker Creek, located in Pittsburg, Calif., for $96.5 million. The buyer was Kennedy Wilson.