MINNEAPOLIS — Onward Investors has acquired Ameriprise Financial Center, a 31-story office tower located at 707 2nd Ave. S in downtown Minneapolis. The 960,000-square-foot building has served as the corporate headquarters of Ameriprise Financial since its construction in 2000.
Ameriprise Financial announced in 2022 that the company would be vacating the property in order to consolidate its headquarters at another building in downtown Minneapolis. Ameriprise Financial Center is soon to be vacant, according to Onward Investors.
A sales price was not disclosed. However, locally based newspaper The Minneapolis Star Tribune reported that the property sold for $6.3 million, a steep discount from the last time the building traded hands. Most recently in September 2016, a joint venture between Axar Capital Management and Morning Calm Management acquired the building for $200 million.
Ameriprise Financial Center is located within the Minneapolis skyway system, a network of enclosed pedestrian bridges that provide direct access to buildings including the Minneapolis Club, Capella Tower, SPS Tower and Baker Center. The property also includes a four-story parking ramp that offers below-grade parking for roughly 300 vehicles.
Onward Investors stated that it is exploring variety of options for the property, including converting portions of the building to uses other than office.
“The purchase of Ameriprise Financial Center is another demonstration of our desire to be an active participant in the recovery of downtown Minneapolis,” said Jon Lanners, partner at Onward Investors. “We believe that now is a great time to be investing in the city’s future and look forward to engaging a multitude of stakeholders in the coming months as we reimagine this well-known asset in the Minneapolis skyline.”
Onward Investors is an investment and development firm based in the Minneapolis suburb of Minnetonka, Minn. The company was founded in 2011 and has a total of approximately $730 million in assets under management.
— Channing Hamilton