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MINNEAPOLIS-The vacant 261,457-sf office building dubbed 1010 Metrodome Square formerly fully occupied by US Bancorp, is now being offered for sale for $22.3 million, plus $8.8 million for an adjoining parking garage. The owner is Basant Kharbanda, who has owned the property for about seven years.

The building was built in 1923 as a garment factory for the Strutwear Knitting Co. It was completely redeveloped in 1987 as an operations center for Marquette National Bank, which was acquired by First Bank Systems. The company, now known as US Bancorp, vacated the building in 2006.

Hal Ulvestad, an SVP with the Staubach Co., is marketing the building for Kharbanda. “The owner views this an opportune time to sell the property and put the funds into other investments,” Ulvestad tells GlobeSt.com. The Minnesota Vikings owner, Zygi Wilf, had expressed an interest in buying the building early last year, as Wilf had looked to buy several blocks to build a new football stadium, Ulvestad says. The plan eventually died, he says.

The 10-story 1010 Seventh St. South building is 10 blocks south of the CBD, and in the government sector that includes the Hennepin County Medical Center, the county government center and City Hall, with Hubert Humphrey Metrodome, home of the Minnesota Vikings and Twins, directly east of the property.

Ulvestad says the owner would like to see another single-user purchase the concrete-and-limestone building. “It could be split, but it really lends itself to large floor uses. If you reconfigure the floors and add corridors to accommodate small tenants, you’re going to lose a lot of efficiency,” he says. The building also includes a six-story atrium with skylights.

If bought and lease, a new owner would face an average class B lease rate of about $18.68 per sf, according to a fourth-quarter market report by Grubb & Ellis. Ulvestad says that this building should be more attractive than most, because of its size. “There’s very few large blocks of contiguous office space, for a large-space user, this provides an option. The only drawbacks is that it’s not connected to the Skyway system,” he says.

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