February 12, 2016

Shea to transform Fifth Street Towers

We’re excited to announce that we’ll be part of the team transforming Fifth Street Towers, 1.1-million square-foot downtown Minneapolis office complex along with Zeller Realty Corp. and Perkins+Will. Keep an eye out for more project details in the next few months; for now, check out this article in the Minneapolis/St. Paul Business Journal, or see below for the full text by Sam Black.


Upgrades coming to Fifth Street Towers

The new owners of Fifth Street Towers in Minneapolis have hired a team of architects and brokers to assist in the renovation of the 1.1-million-square-foot office complex.

A partnership with Chicago-based Zeller Realty Corp. and Newport Beach, Calif., investment firm Pimco bought Fifth Street Towers in January for $154 million. Zeller had been in the previous ownership group, too, with Dallas-based Invesco.

Since the recent sale, the landlords have hired brokers Reed Christianson andErin Wendorf in the Minneapolis office of Houston-based Transwestern to provide leasing services. Previously, leasing was done in-house by Zeller.

In early February, Zeller and Pimco selected two architectural firms, Shea Inc. and Perkins+Will, both in Minneapolis, to lead a “significant transformation” of the property that would start later this year, said Jim Durda, executive vice president of Chicago-based Zeller.

Durda declined to commit to an exact dollar figure for the upgrade until after the plans are done, but he indicated it would be several million.

The 36-story 150 Tower at 150 S. Fifth St. was completed in 1988 and is about 78 percent leased. The 25-story 100 Tower at 100 S. Fifth St. was built in 1985 and is 62 percent leased.