Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MINNEAPOLIS-KanAm US-grundinvest Fonds, a public fund of the Frankfurt-based real estate investment firm KanAm Grund, says it has acquired 50 South Sixth St., a 698,606-sf Downtown office tower here for $197 million, or $282 per sf. The property is 90% leased. Tenants include Dorsey & Whitney, a law firm; Fallon Worldwide, an advertising agency; and Excel Bank.

The building was designed by Skidmore, Owings & Merrill and developed by Hines in 2001. The seller was Sixth & Nicollet LLC, a joint venture that includes Hines and an institutional client of Morgan Stanley Real Estate. They were represented by Holliday Fenoglio Fowler LP. Westwind Capital Partners represented KanAm Grund.

Hines is a Houston-based private real estate firm involved in investment, development and property management. The company still owns a stake in Wells Fargo Center and 225 South Sixth in Minneapolis, and retains the property management and leasing assignments for 50 S. Sixth St.

KanAm US-grundinvest Fonds, launched in May 2003, for the first time enabled investors in Germany to invest in an open-end real estate fund denominated in a foreign currency (US dollars). The fund invests primarily in prestigious office properties.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.