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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.

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