Minnesota office tower sells for $225m
Transactions - JULY 31, 2023

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Minnesota office tower sells for $225m

by Andrea Zander

Spear Street Capital has purchased the office component, RBC Gateway Tower, of the RBC Gateway development, a newly constructed mixed-use tower in Minneapolis, for $225 million.

United Properties was the seller.

The office tower is part of the $450 million RBC Gateway development, which includes 531,000 square feet of office space, a 222-room Four Seasons Minneapolis hotel, 34 luxury homes, a public plaza and a skyway connection to the Minneapolis Public Library. It totals 1.2 million square feet. Three restaurants are also on-site, including Chef Gavin Kaysen’s Mara, a full-service restaurant and bar, and Socca Café. The office space is currently 99 percent.  Tenants include anchor tenant RBC Capital Markets, United Properties and Pohlad Cos.

The sale did not include the Four Seasons Hotel Minneapolis or luxury condos located in the building.

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