American International Group (AIG) will be taking back the Southgate office tower in Bloomington in a highly unpublicized transaction. According to a Minneapolis/St. Paul Business Journal report, the New York-based lender provided funds for the property to Welsh Companies, which is not preparing to give the office property back.
While no official statements have been released from the companies, a letter from the Minneapolish office of Transwestern was delivered to tenants of the property on October 28 notifying them of the ownership change. One of the tenants described the letter to the Journal and explained that Transwestern was expected to take over building management on November 15, a contract formerly handled by Welsh through its unit known as Colliers International | Minneapolis-St. Paul.
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