Twin Cities-based Water Street Partners, LLC, has closed on Union Plaza (333 N. Washington Ave.), a 70,000 square foot Class B creative office building in Minneapolis’ North Loop. Constructed in 1895 and renovated to its current use in 1984, the building initially functioned as a warehouse and housed a wide range of companies.
Water Street Partners will renovate the building’s common areas, including a refresh of its lobby, and create select tenant amenities, with work beginning in Q3. These improvements are designed to make the building more functional for tenants and improve its aesthetic appeal without stripping it of its historic charm.
“We couldn’t pass up the opportunity to buy Union Plaza. There are so many good things going on in the neighborhood, and this building has flown under the radar in many respects,” said Jim Hegedus, Managing Partner. “We are excited to invest in the building to bring it more in-line with what tenants are asking for today.”
Water Street Partners, LLC, was formed in 2017 and pursues assets of all property types and risk profiles in a variety of markets, with a concentration in the Minneapolis-St. Paul metropolitan area. Its investment activities include acquiring existing properties and capitalizing select development opportunities. Water Street Partners is led by experienced real estate professionals Joe Boone and Jim Hegedus.