Wells Fargo & Co. announced this week that it had paid developer Ryan Companies $217 million for land in downtown Minneapolis near the new Vikings Stadium and the two office towers yet to be built at the site. The development project planned by Ryan Companies will provide office space for approximately 5,000 team members in two 17-story office towers, which are part of a $400 million mixed-use development known as Downtown East, giving the company room to relocate current Wells Fargo employees.
The transaction is one of the largest involving downtown Minneapolis commercial property in recent history, according to a Star Tribune article. Last year, Florida-based Beacon Real Estate Services acquired the 57-story IDS Center, said to be the tallest building in Minnesota, for $253 million.
"The investment in this project – more than $300 million – represents our continued commitment to downtown Minneapolis and to the state of Minnesota," said Dave Kvamme, CEO for Wells Fargo Minnesota. "We look forward to finalizing the plans and creating this additional space to better accommodate our teams, and add to the vibrancy that the Ryan project will bring for the east side of downtown."
"The commitment from Wells Fargo is a critical step in moving the Downtown East project forward," said Rick Collins, vice president of development for Ryan Companies, "and we are pleased to be partnering with a great corporate owner. We are one step closer on a project that will bring renewed energy and ongoing development momentum to the surrounding area. We continue making progress toward groundbreaking in April 2014."
For more news and information visit Blumberg Capital Partners.
No comments:
Post a Comment