The Minneapolis office of Hines has announced the sale of the 225 South Sixth office tower in downtown Minneapolis to ASB Capital Management. Terms of the sale were not disclosed. Hines will continue to manage and lease the property.
Cushman and Wakefield of Illinois and Northstar Partners represented the seller, 601 Second Avenue Limited Partnership, a partnership between Hines and an institutional investor. ASB Capital Management represented themselves in the transaction.
The building is comprised of a 53-story tower and an 18-story tower totaling approximately 1.4 million ft². Designed by the renowned architecture firm Pei Cobb Freed & Partners, 225 South Sixth provides a signature address, and is one of the most visible and architecturally significant office towers on Minneapolis' skyline.
"We are pleased to retain the property management and leasing responsibilities at 225 South Sixth and look forward to continuing the successful relationship we have established with ASB Capital Management," said Hines Senior Vice President David McGinnis.
"225 South Sixth offers the rare combination of a trophy asset, sterling tenancy, and premier location in the fastest growing major market in the Midwest," said ASB Capital Management Director Keyvan Arjomand. "It's an exceptional complement to our existing portfolio of high-quality properties."