The building was built in 1923 as a garment factory for theStrutwear Knitting Co. It was completely redeveloped in 1987 as anoperations center for Marquette National Bank, which was acquiredby First Bank Systems. The company, now known as US Bancorp,vacated the building in 2006.

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Hal Ulvestad, an SVP with the Staubach Co., is marketing thebuilding for Kharbanda. "The owner views this an opportune time tosell the property and put the funds into other investments,"Ulvestad tells GlobeSt.com. The Minnesota Vikings owner, Zygi Wilf,had expressed an interest in buying the building early last year,as Wilf had looked to buy several blocks to build a new footballstadium, Ulvestad says. The plan eventually died, he says.

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The 10-story 1010 Seventh St. South building is 10 blocks southof the CBD, and in the government sector that includes the HennepinCounty Medical Center, the county government center and City Hall,with Hubert Humphrey Metrodome, home of the Minnesota Vikings andTwins, directly east of the property.

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Ulvestad says the owner would like to see another single-userpurchase the concrete-and-limestone building. "It could be split,but it really lends itself to large floor uses. If you reconfigurethe floors and add corridors to accommodate small tenants, you'regoing to lose a lot of efficiency," he says. The building alsoincludes a six-story atrium with skylights.

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If bought and lease, a new owner would face an average class Blease rate of about $18.68 per sf, according to a fourth-quartermarket report by Grubb & Ellis. Ulvestad says that thisbuilding should be more attractive than most, because of its size."There's very few large blocks of contiguous office space, for alarge-space user, this provides an option. The only drawbacks isthat it's not connected to the Skyway system," he says.

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