MINNEAPOLIS—Wells Fargo & Co. has paid local developer Ryan Cos. $217 million for land near the new Vikings Stadium and the two office towers to be built at the site.
The San Francisco-based financial services firm intends to relocate 5,000 employees into the two 17-story office towers that are to be built as part of Ryan's $400-million mixed-use Downtown East development, according to the Star Tribune.
The deal rivals Beacon Real Estate Services' acquisition of the 57-story IDS Center last year for $57 million.
The new Wells Fargo office towers will be connected by a skyway. Construction on the Wells Fargo offices is scheduled to begin this spring. The buildings are expected to achieve LEED Platinum standard for environmental sustainability set by the U.S. Green Building Council. Wells Fargo estimates it will spend approximately $300 million on its 1.1-million-square-foot office project, according to city documents. See story in the Star Tribune.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
