Lingerfelt CommonWealth Acquires 42-Story Office Tower in Minneapolis
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.