MINNEAPOLIS-Fifth Street Towers, a marquee one-million-sf class A office building, has been acquired by CB Richard Ellis Investors for $117.5 million. The New York office of Holliday Fenoglio Fowler LP closed the sale of Fifth Street Towers on behalf of the seller, two Minnesota real estate partnerships called Property Minnesota One LLC and Property Minnesota Two LLC.

Senior managing directors Glenn Whitmore and Joe Morningstar and managing director Andrew Scandalios of Holliday Fenoglio Fowler, along with Northstar Partners marketed the property. The seller was advised by ING Clarion Partners.

“Fifth Street Towers generated a tremendous amount of interest from institutional investors coast to coast,” Morningstar says. “We believe this really underscores where the real estate market is–plenty of capital with not enough product.”

Fifth Street Towers is located in the center of city’s Central Business District next to the Light Rail Transit line and bus routes, close to shopping and entertainment, and accessible from Interstates 35 and 394. Parking is available on site–494 spaces–and nearby, via the skyway. Amenities include an on-site café and convenience store.

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