Acquisitions

MINNEAPOLIS — A joint venture between Cross Ocean Partners, Neuberger Berman Special Situations client funds and Onward Investors has acquired Wells Fargo Center, a 57-story office tower located at 90 S. Seventh St. in Minneapolis’ downtown commercial district. The 1.2 million-square-foot trophy building traded hands for an undisclosed price. Wells Fargo Center is the third tallest building in Minneapolis. Major tenants include a Wells Fargo branch bank, Colliers, the law firm of Faegre Drinker and the local office of accounting firm KPMG. The building contains an indoor pedestrian promenade that houses a 100-foot-high domed ceiling rotunda on one side and a lobby on the other. The building also features The Reserve, which houses amenities such as a fitness center, reservable wellness rooms, lounge with coworking and focus rooms, conference center and catering kitchen on the seventh floor. The property also offers private car and bicycle parking. Wells Fargo Center was 62 percent leased at the time of sale, with up to 110,000 square feet of contiguous availability. The building has averaged roughly 95 percent occupancy since 1988, according to Onward Investors. “This acquisition epitomizes our fundamental value investment strategy of opportunistically capitalizing upon market dislocation and demonstrates Onward Investors’ continued commitment …