A 31-story office building in downtown Minneapolis that sold for $200 million in 2016 has been acquired by new owners for just $6.25 million, according to multiple reports.
Onward Investors purchased the 960,000-square-foot Ameriprise Financial Center located at 707 2nd Avenue South. The building was constructed in 2000.
Minneapolis-St.Paul Business Journal first reported the sale price, noting that the $6.25 million figure represents a 97% discount from the 2016 sale.
Onward Investors said in a press release that it is “exploring a variety of options for the property, including converting all or some of the building to uses other than office.”
Property taxes are based on market value. If commercial market values in MPLS have dropped to almost nothing, homeowners in MPLS will have to pick up the tax shortfall. It’s sad to watch the consequences of bad local govt. We saw this coming. https://t.co/gR0in1tnV3
— Paul Gazelka (@paulgazelka) January 31, 2025
“Property taxes are based on market value. If commercial market values in MPLS have dropped to almost nothing, homeowners in MPLS will have to pick up the tax shortfall,” former Republican Minnesota Senate Majority Leader Paul Gazelka said on social media in commenting on the sale. “It’s sad to watch the consequences of bad local govt. We saw this coming.”