August 10, 2018
Chicago-based Harrison Street Real Estate Capital and Minnesota-based Ryan Companies acquired the Wells Fargo building in downtown Rochester, MN from Wells Fargo Bank N.A. for nearly $15 million. The six-story, 107,124-square-foot asset located at 21 1st St., which adjoins Peace Plaza and sits adjacent to and over First Street, will undergo an extensive $11.6-million renovation that will include:
- An iconic glass addition at the corner entrance, to extend the public space in Peace Plaza
- An expansive interior connection to the stairway between the subway, ground level and skyway, with better interaction with the street
- Replacement of the exterior glass, from mirrored to clear, to create a more open and transparent work environment
- Removal of an existing escalator, and infilling the atrium to better connect the building to Peace Plaza and the Chateau Theatre
Ryan’s Tony Barranco says, “We are inspired by the vision of the Heart of the City, and we are excited to reimagine the Wells Fargo building and create a vital connection between the subway, skyway and Peace Plaza.”
Construction is scheduled to begin next month, and is expected to be completed in September 2019. Wells Fargo will lease back roughly 20,000 square feet of space, including a remodeled first-floor branch.
TaTonka Real Estate Advisors represented the seller.
For comments, questions or concerns, please contact Dennis Kaiser