Spear Street Capital Acquires RBC Gateway Tower In Minneapolis For $225M
250 Nicollet Mall Minneapolis, MN 55401, USA
$225,000,000
$429/SF
Building Size
524,000 SF
Asset Type
Office
Closing
Jul 19, 2023
About this deal
AI
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.
On the Map
$225,000,000
$429/SF
Office
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Minneapolis Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.07%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93