Skyscraper Bought with Pocket Change

Minnesota-based investment firm, Onward Investors, has acquired the former Ameriprise Financial headquarters for $6.25 million, marking a staggering 97% discount from its 2016 sale price of approximately $200 million.

The property, located in downtown Minneapolis, was previously purchased in 2016 by BAM 701 LLC, an affiliate of Florida-based real estate investment firm Morning Calm Management.

The $6 million price-tag includes 31 stories, 960,000sqft, and four levels of heated underground parking for over 300 vehicles, all in a prime downtown location. For comparison, Onward Investors recently acquired a 5-story office building in the Warehouse District for only $5 million, which underscores the exceptionally low price of this deal.

Ameriprise Financial’s lease expires in October 2025, after which the building will be completely vacant. Over the past few years, Ameriprise has gradually relocated its operations to its Service Center, located just a few blocks away. This building has undergone over $22 million in renovations in recent years preparing for the influx in headcount.

Onward Investors has stated they are “exploring a variety of options for the property, including converting all or some of the building to uses other than office.” Given market trends and increasing demand for adaptive reuse projects, possibilities could include residential, hospitality, or mixed-use redevelopment.

This acquisition is part of Onward’s broader downtown Minneapolis commercial real estate expansion. The firm  was also a buyer in the recent purchase of 57-story Wells Fargo Center for $85 million, adding another high-profile asset to its growing portfolio.

With the downtown office market facing unprecedented challenges, Onward’s latest acquisition shows hope for downtown Minneapolis and the surrounding area.