Hempel Real Estate Acquires LaSalle Plaza Office Building In Downtown Minneapolis From Northwestern Mutual

Hempel Real Estate has purchased the 30-story LaSalle Plaza office building in downtown Minneapolis from Northwestern Mutual. The property, located at 800 Lasalle Avenue, was sold for a price of $46,000,000. The office building spans a total area of 620,000 square feet, resulting in a price per square foot of $74. The sale took place on June 27, 2023.

Summary of transation details

• Property Type: Office
• Transaction Amount: $46,000,000
• Address: 800 Lasalle Avenue, Minneapolis
• Square Footage: 620,000

Hempel Real Estate, represented by Josh & Ben Krsnak, acquired the property from Northwestern Mutual. The sale was facilitated by brokers Colin Ryan and Erin Fitzgerald of JLL. The financing for the purchase was provided by Premier Bank, Tradition Capital Bank, and PACE Loan Group.

Following the acquisition, Hempel Real Estate plans to invest $20 million in renovations for the LaSalle Plaza office building. The upgrades will include the addition of amenities such as indoor pickleball courts and a rooftop deck, enhancing the appeal and value of the property.