SAN FRANCISCO--(BUSINESS WIRE)--City Center Realty Partners, LLC (CCRP), a San Francisco-based real estate investor and developer, in a partnership with Angelo, Gordon & Co., announced its sale of the Plaza Seven office tower, a 336,000 square foot Class A office building in downtown Minneapolis. Plaza Seven is part of a mixed-use project that includes the Radisson Hotel. The office tower comprises floors 18 through 36 and includes 311 underground parking stalls. Stephen Livaditis, Kenneth Glomb, and David Knapp of Eastdil Secured represented the seller in the deal.
CCRP acquired the office tower, located on Nicollet Mall, in 2013 when the property was 58 percent leased. The company invested nearly $5M in capital improvements, including installation of the city’s first destination dispatch elevator system in a multi-tenant building; negotiating an easement within the neighboring Macy’s store to provide a clear and branded entrance into Plaza Seven from the skyway system; renovation of the skyway-level lobby; and transformation of view-obstructing, heavy build-outs into white box condition.
During the subsequent 28 months, with improvements finished, the developer completed over 140,000 square feet of leasing, increasing Plaza Seven’s occupancy to 97 percent. Credit tenants added to the building included PwC, Epsilon, Associated Bank, and Faithful & Gould.
“We couldn’t be happier with how our strategy performed,” said Sigurd Anderson, Founding Partner and CEO with CCRP. “We acquired a building that was nearly 50 percent vacant, recognizing opportunities to add value, invested in smart capital expenditures, and the market responded.”
CCRP oversees a portfolio of urban real estate in major markets throughout the country, including Minneapolis, Las Vegas, Denver and the San Francisco Bay Area. The company’s most recent acquisition was the 450,000 square foot Wells Fargo Plaza building in Bloomington, MN.
About City Center Realty Partners
City Center Realty Partners, LLC (CCRP) is a San Francisco based real estate investment firm, specializing in the development, redevelopment and acquisition of urban real estate. Nationwide, CCRP has developed and acquired more than $1 billion of retail, office and mixed-use properties. For more information visit www.ccrpllc.com.
About Angelo, Gordon & Co.
Angelo, Gordon & Co. is a privately-held registered investment advisor dedicated to alternative investing. The firm was founded in 1988 and currently manages approximately $25 billion.