A downtown Minneapolis office building that sold for $220 million in 2016 was resold last week for $6.25 million, a 97 percent markdown. The Ameripress Financial Center is a 31-story office building that was built in 2000 and occupied by a single tenant, the American Express Financial Advisors (which was spun off by American Express in 2005 and renamed Ameripress). The building had been leased by Ameripress, which has its own building in downtown Minneapolis, and with so many people working remotely, it moved out of the leased one.
Photo by AlexiusHoratius.
The Minneapolis Downtown Council keeps saying that downtown is recovering, but admits that that recovery is more in the nature of evening restaurant patronage than office workers. It recently released a 2035 recovery plan that relies heavily on government urban-renewal projects in sites such as the waterfront and former post office. Continue reading
