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Minneapolis office asset nearing sale

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Minneapolis office asset nearing sale

ASB Capital Management's Capella Tower office complex in downtown Minneapolis is under contract to be sold to an unidentified entity, the Minneapolis/St. Paul Business Journal reported.

The 1.4 million-square-foot complex, which was roughly 85% leased as of October, includes a 56-story main tower and the attached 20-story Star Tribune Building.

Eastdil Secured was hired in the fall to list the asset, the report said, citing unnamed sources.

ASB acquired the building from Hines in 2006 for $245 million and carried out a $7 million renovation in 2014, the report said, adding that the tower is assessed at $244.6 million for property tax purposes.