REBusinessOnline

Lingerfelt CommonWealth Acquires 42-Story Office Tower in Minneapolis

The buyer plans to rebrand the property as Two22.

MINNEAPOLIS — Lingerfelt CommonWealth Partners LLC has acquired 222 South Ninth Street, a 42-story office tower in downtown Minneapolis. The purchase price was $81 million, according to the Minneapolis/St. Paul Business Journal. Principal Real Estate Investors sold the 727,170-square-foot tower, which will be rebranded as Two22. The new name stems from the property’s street address. Built in 1985, the building was originally known as the Piper Jaffray Tower and most recently the Campbell Mithun Tower. The property is 51 percent occupied. Lingerfelt plans to immediately implement an estimated $20 million comprehensive renovation, including modernization of the elevators, Skyway renovations, additional amenities, a lobby renovation and addition of an outdoor terrace. Lingerfelt will own the tower via its vertically integrated investment platform. Commonwealth Commercial Partners, the company’s affiliated real estate operating firm, will handle day-to-day property management for Two22 and open its first office in the Twin Cities. Atlantic Real Estate Capital arranged acquisition financing for the transaction. Ryan Watts, Judd Welliver, Sonja Dusil and Tom Holtz of CBRE arranged the sale on behalf of the seller.

Get more news delivered to your inbox. Subscribe to France Media's e-newsletters. Click here.



Related News

Updated daily:
How Will COVID-19 Impact the Commercial Real Estate Industry?
Click here.

COVID-19 Webinars: Learn more about the CRE industry's response to the coronavirus. Sign up.

Watch On Demand:

Conferences
There are no upcoming events at this time.

Read the Digital Editions

Heartland Recent Issue

Northeast Recent Issue

Southeast Recent Issue

Texas Recent Issue

Western Recent Issue

Shopping Center Business

California Centers

Ancillary Retail

Student Housing Business

Seniors Housing Business

Featured Properties