Spear Street Pays $225M for Minneapolis Office Space
This new mixed-use tower also features hotel, residential and restaurant components.
RBC Gateway Tower. Image courtesy of CBRE
Spear Street Capital has purchased 525,000 square feet of office space within the mixed-use RBC Gateway Tower in Minneapolis. United Properties sold the asset for $225 million.
CBRE Executive Vice Presidents Ryan Watts, Greg Greene and Tom Holtz, Executive Director Brandon McMenomy, Director Steven Ward and First Vice President Harrison Wagenseil worked on behalf of United Properties.
The transaction also included the ground-floor lobby and 296 parking spaces. The office component was 99 percent leased at the time of the sale—the tenant roster included RBC Capital Markets, United Properties and Pohlad Cos.
Smallwood, Reynolds, Stewart, Stewart & Associates Inc. designed the skyscraper, while McGough served as the project’s general contractor and Kimley-Horn as engineer. U.S. Bank provided a $261.1 million construction loan, according to CommercialEdge data.
Completed last year, the 1.2 million-square-foot, mixed-use asset features restaurant, office, hotel, residential and green spaces. The 37-story building comprises the 222-key Four Seasons Hotel Minneapolis, 34 luxury Four Seasons Private Residences, three restaurants and 17,000 square feet of plaza space.
The RBC Gateway Tower is located at 250 Nicollet Mall in the Minneapolis Central Business District. The property is within walking distance of numerous of dining options, entertainment venues and metro stations.
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