MINNEAPOLIS — CBRE has arranged the $225 million sale of the office component of RBC Gateway Tower, a newly constructed mixed-use development located at 250 Nicollet Mall in Minneapolis.
The portion acquired by San Francisco-based Spear Street Capital includes 525,000 square feet of office space, a ground-floor office lobby and 296 below-grade parking spaces. Ryan Watts, Tom Holtz, Brandon McMenomy, Steven Ward, Greg Greene and Harrison Wagenseil of CBRE represented the seller, United Properties, in the transaction.
The office portion of the property was 99 percent leased at the time of sale to six tenants including RBC Capital Markets, United Properties and Pohlad Cos.
The 1.2 million-square-foot tower also includes the 222-room Four Seasons Hotel Minneapolis — Minnesota’s first five-star hotel, according to CBRE — and 34 luxury Four Seasons Private Residences on the uppermost floors. Three restaurants are also on-site, including a full-service restaurant and bar, Mara, and Socca Café.
“RBC Gateway Tower is a crown jewel in the Gateway District, with unmatched location and amenities,” says Watts of CBRE. “Premier properties like this offer exceptional workspaces that cater to the needs of modern employees, making them highly desirable as companies adapt to new workplace trends.”
Minneapolis-based United Properties is an offshoot of parent company Pohlad Cos., owner of the Minnesota Twins Major League Baseball team. The company invests in and develops office, industrial, retail, mixed-use and seniors housing properties.
—Katie Sloan