Spear Street Capital Acquires RBC Gateway Tower In Minneapolis For $225M

The RBC Gateway tower in downtown Minneapolis has been sold for $225 million, making it one of this year's largest office sales. The property, located at 250 Nicollet Mall, covers approximately 524,000 square feet and was purchased by "Gateway Office LLC," a buyer associated with San Francisco-based real estate investment company Spear Street Capital. The transaction took place on 07/19/2023 and the price per square foot (PPSF) equates to $429.

Summary of transaction details

• Property Type: Office
• Transaction Amount: $225,000,000
• Address: 250 Nicollet Mall
• Market: Minneapolis
• Buyer: Spear Street Capital - Rajiv Patel
• Square Footage: 524,000
• Price Per Square Foot: $429

Spear Street Capital, represented by Rajiv Patel, was the buyer in this significant office sale. Through the acquisition of the RBC Gateway tower, Spear Street Capital expands its real estate portfolio in Minneapolis. This transaction marks a notable investment for the San Francisco-based real estate investment company and reinforces their confidence in the Minneapolis office market.