ST. LOUIS PARK, MN - CBRE brokered the sale of MoneyGram Tower and 1600 Tower by Equity Office/Blackstone Group to DRA Advisors. Terms of the deal were not revealed.
The properties are Class A office towers totaling 490,787 square feet in an office park connected to The Shops at West End retail development The towers were developed in 1987 and 2000 and are currently 90% occupied.
MoneyGram Tower, located at 1550 South Utica Ave., is a 9-story office tower totaling 236,645 rentable SF. MoneyGram International occupies about 71% of the tower.
The adjacent 1600 Tower at 1600 South Utica Ave., totals 254,142 SF and is occupied by a tenants such as Hamline University.
The seller, Equity Office/Blackstone Group, was represented by the CBRE Institutional Group in Minneapolis led by Tom Holtz, Steven Buss and Ryan Watts.
Equity Office is a real estate investment firm whose portfolio encompasses around 70 million square feet of Class A office space in the U.S. Blackstone Group is a global investment and advisory firm.
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