Maven Real Estate Partners acquired the 26-story Rand Tower at 527 Marquette Ave. in Minneapolis, MN from Felton Properties, Inc. for $18.65 million, or about $128 per square foot.
The historic office building delivered in 1929 in downtown Minneapolis, and was once one of the city’s tallest structures. It totals 145,606 square feet and was added to the National Register of Historic Places in 1994. At the time of sale the asset was 84 percent leased.
Dave Berglund, Colin Ryan and Mark Kolsrud with Colliers International represented both parties in the sale.
Please see CoStar COMPS #3969566 for more details on this transaction.