Zeller Realty, Invesco Partner to Buy Fifth Street Towers
- May 04, 2012
Zeller Realty Group and Invesco Real Estate have teamed up to acquire Fifth Street Towers at a sheriff’s auction, the Minneapolis / St. Paul Business Journal reports.
The 1.1 million-square-foot office complex, located in downtown Minneapolis at 100 and 150 S. Fifth St., consists of two state-of-the-art buildings. The 25-story 100 Tower was completed in 1985, while the 36-story 150 Tower was finalized in 1988. Designed by Helmuth, Obata & Kassabaum Inc. and built by Opus Corp., the complex was most recently owned by Fifth Street Owner Corp. and in December was acquired by the lender, MetLife Inc., as part of a deed in lieu of foreclosure transaction. In March, the lender filed a notice of voluntary mortgage foreclosure in order to clean up the title of the property.
Around 50 people attended the sheriff’s sale, which took place at the Hennepin County Government Center; Zeller and Invesco in the end won the auction with a bid of $110,700,198.66–$1 more than MetLife. Thomas Stoltman, an attorney at Larkin Hoffman, represented Zeller and Invesco at the auction. They acquired the property through an entity called Fifth Street Towers Investors L.L.C.
According to estimates, the office space in the two towers is between 60 and 65 percent occupied. Building amenities include a fitness center and a conference center, a Caribou Coffee shop and a deli on the skyway level. The buildings also feature two four-level underground parking garages.
Fifth Street Towers is not the first project for Invesco and Zeller, which previously collaborated on Wells Fargo Tower, a 434,746-square-foot tower at 7900 Xerxes Ave. S. in Bloomington. Invesco owns the 24-story tower, and Zeller manages and handles leasing.
Photo Courtesy of: www.fifthstreettowers.com