The building was built in 1998, and has 15 tenants, who havestaggered leases through 2014. The lease rates in the building arebetween $14 to $16 per sf, says Lynn Watson, senior director ofacquisitions for the company. The seller was not named. NAI Welshhandled the transaction.

He says DDRS is looking to buy more property in Minneapolis."This is a nice class B office building, a fairly new building thatdoesn't have a lot of capital issues. We don't anticipate anycapital outlays." He says the firm has one other property in thearea, but that he's in negotiations to buy several other buildings."We feel there's a future in Minnesota, it's very active," Watsontells GlobeSt.com.

The firm has purchased a few other properties in the Midwestthis year, including the 137,269-sf, mixed-use Arlington TownSquare at 66 South Arlington Heights Road in Arlington Heights, IL,the 121,383-sf Metropolitan Square office park in Des Plaines, IL,and the six-building North Park One office complex in Omaha,NE.