SPS tower minneapolis

February 7, 2019 Comments Off on Sumitomo Enters Minneapolis Market with 31-Story Tower Acquisition Views: 1888 Midwest, Minnesota, National News

Sumitomo Enters Minneapolis Market with 31-Story Tower Acquisition

New York-based Sumitomo Corporation of Americas acquired SPS Tower, a 31-story office building in the heart of Minneapolis’ CBD, from California State Teachers Retirement System (CalSTRS) for a reported $144 million. The 84%-occupied LEED-certified asset at 33 South Seventh St. contains 655,070 square feet, and is anchored by major tenants SPS Commerce, Inc. and Accenture, LLP.

Sumitomo Corporation of Americas’ Yurika Sugimoto says, “This is our first real estate investment in Minneapolis, and we believe the expertise we’ve cultivated throughout our several years within the U.S. real estate market will allow us to bring insights and improvements related to building management and tenant relationships.”

The tower is connected to three adjacent buildings via a pedestrian skyway and a short walk to the city’s LRT and bus lines. The recently-renovated building sits atop a four-level, 630-space underground parking garage with easy access to major highways.

Eastdil Secured handled the transaction.

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