MINNEAPOLIS-Hines has refinanced Wells Fargo Center here with a $110-million loan from MetLife Inc. The five-year adjustable-rate loan was sourced by the Chicago office of Holliday Fenoglio Fowler.
Completed in 1988, Wells Fargo Center is a 57-story class A CBD office tower with 345-space underground parking garage at 90 South Seventh St. The property is 95% occupied by tenants including Wells Fargo, Faegre & Benson LLP and KPMG, LLP.
HFF senior managing director Mike Kavanau says a lot of lenders were interested in financing the building but "MetLife came through with the most attractive financing options."
In October, a joint venture of Hines an institutional client of Morgan Stanley Real Estate sold the nearby 50 South Sixth St., a 698,606-sf office tower, to KanAm US-grundinvest Fonds for $197 million. The property is 90% leased. Tenants include Dorsey & Whitney, a law firm; Fallon Worldwide, an advertising agency; and Excel Bank. HFF also represented Hines in that transaction.
In addition to Wells Fargo Center, Hines still owns a stake in Wells 225 South Sixth. It also retains the property management and leasing assignments for 50 S. Sixth St.
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