The three complexes, Pentagon Office Park, the Parkdales and 501 Marquette, were bought earlier this year by Wayzata Properties for $112.5 million from New York-based Colonnade Properties. Wayzata Properties is based in Wayzata and currently owns over 2.5 million sf of real estate. The firm is headed by Maciek Kaminski, an investment manager who started a mutual funding specializing in Poland equities. He is president and chief executive of Wayzata Capital Management.
Pentagon Park is a 13-building, 679,000-sf office park in Edina with renowned tenants including Northwest Airlines, Fidelity Bank, McGraw-Hill Cos. and American International Insurance/AIG. The Parkdales is a six-building, 555,000-sf office park in St. Louis Park with a tenant roster that includes Group Health Plan/Heath Partners, Digital Think, Inc., North Star Title and the CPP Group.
501 Marquette is a 226,000-sf office building located in Downtown Minneapolis and is a historic building that was originally constructed in 1914 and renovated in 1998. More than 45% of the building is occupied by Canadian Pacific Railway through 2014. Murray Kornberg and Douglas Seylar of L. J. Melody's Minneapolis office arranged the financing on behalf of Wayzata Properties.
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