KBS Pays $54M for Carlson Center Tower

KBS Real Estate Investment Trust II has closed on the purchase of 601 Tower at Carlson Center, Minnetonka, Minnesota for $54.4 million plus closing costs according to a GlobeSt.com article. CB Richard Ellis represented the seller, New York-based TIAA-CREF; the transaction officially closed on February 3. According to Hennepin County property records the property's market value was $42 million in 2009.

"The 601 Tower at Carlson Center is widely recognized as one of the most prominent suburban trophy assets in the Minneapolis market … and expect its unique blend of quality, location, architectural significance and park-like amenities to result in strong long-term tenant retention," said KBS' Bill Rogalla.

The 15-story, 288,458 square foot property is part of a master-planned office park along Interstate 394. At the point of sale the building was reportedly 90% leased with major tenants including One Beacon Insurance, Conopco, Wachovia, RBC Capital Markets, Robert Baird, Pine River Capital and HQ Global Workplaces. Built in 1989, 601 Tower was the recipient of the 2009 BOMA International Building of the Year award.

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