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MINNEAPOLIS-Cawley Partners has purchased the 18-story 701 Building for $27.4 million, and the company hired United Properties Brokerage to market and lease the property. Cawley has $10 million of equity invested in the 280,000-sf office complex, located at 701 Fourth Ave. South.

The building is only about 35% occupied, and has a low lease rate, $9 per sf, to attract new tenants, says United senior associate Sonja Breyfogle. Current tenants include Market Solutions, the Canadian Consulate, 701 Executive Suites and R.R. Donnelley and Sons.

“The property is very vacant, there’s no really large tenant,” she tells GlobeSt.com. “There’s a couple of full floors available. One of the things we’re going to be able to do with this property is offer large blocks of space. We can put together about 110,000 sf of contiguous space, maybe even a little more than that. There’s maybe four other properties like this that can do that downtown, and they’re all going to be higher priced.”

Breyfogle says Cawley, based in Dallas, also plans on implementing a large list of improvements at the building this year. “These will include mainly common areas, such as the first floor and skyway level, signage the elevator cabs, lobbies, really updating the finishes and giving it a nice look.” The renovation plans also include some construction to create speculative build-out to attract smaller office suite users. “In one of the low to mid-floor plates, we’re going to try to go multi-tenant, it’s been a successful trend here in downtown. We’re going to offer flexible, immediate leases with one-, three-, and five-year terms.”

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