Minneapolis–St. Paul

So far in 2016, demand for historic reuse is driving Minneapolis CBD office sales

Chart of the week: February 8, 2016

• Three out of three office sales in the Minneapolis CBD year-to-date have been for historic buildings with an average age of 119 years. R2 Companies, buyer of the Flour Exchange, has near-term plans to uncover much of the building’s former architectural details that have since been covered up by remodels dating back to the turn of the century.

• The building that housed former adult store, Sex World, is expected to undergo one of the biggest renovations yet. The building, now dubbed The Washington, will be converted to first-floor retail and nearly 46,000 square feet of multi-tenant office space on the upper floors.

Sources: JLL Research

Flour Exchange310 4th Ave S

101,000 square feet$7.5 Million ($74 p.s.f.)

Buyer: R2Seller: WD Larson Companies

Built 1892Formerly: commodities trading floor

Internet Exchange419 N Washington Ave

78,000 square feet$10 Million ($128 p.s.f.)

Buyer: CPM DevelopmentSeller: Steelman Family

Built 1913Formerly: horse-drawn buggy manufacturer

The Washington 125 N Washington Ave

66,635 square feet$5.9 Million ($88 p.s.f.)

Buyer: Falcon Ridge PartnersSeller: Jerry Buchanan

Built 1887Formerly: “Sex World” retailer