June 8, 2016
City Center Realty Partners LLC (CCRP) and Angelo, Gordon & Co., have sold the Plaza Seven Office Tower, a 336,000-square-foot, Class A office building in downtown Minneapolis. Buyer Franklin Street Properties paid $82 million for the asset.
Plaza Seven on 7th Street is part of a mixed-use project that includes the Radisson Hotel. The office tower comprises floors 18-36 and includes 311 underground parking stalls.
The San Francisco-based CCRP acquired the office tower in 2013 when the property was 58% leased. The company invested nearly $5 million in capital improvements. Franklin Street, headquartered in Wakefield, MA, is planning an additional $2 million in upgrades.
Stephen Livaditis, Kenneth Glomb, and David Knapp of Eastdil Secured represented the seller in the deal.