Minneapolis’ 57-story Wells Fargo Center has been acquired by a joint venture between the investor groups Cross Ocean Partners, Neuberger Berman Special Situations and Onward Investors.
The 1.15 million-square-foot property opened in 1987 as the headquarters of Norwest Corporation, which later merged with Wells Fargo. The property, which is the third tallest in Minneapolis, is currently 62% leased with up to 110,000 square feet of contiguous availability.
The financial terms of the acquisition were not disclosed. The property last changed hands in 2019 when Starwood Capital Group paid $315 million to buy it from the global investment firm Blackstone and the real estate company Hines.
“This acquisition epitomizes our fundamental value investment strategy of opportunistically capitalizing upon market dislocation and demonstrates Onward Investors’ continued commitment to playing an active role in Minneapolis’ revitalization,” said Jon Lanners, partner at Onward Investors.
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