A U.S. subsidiary of a 400-year-old Japanese corporation paid $144 million for the STS Tower in downtown Minneapolis, a move one Twin Cities real estate expert says likely came out of a need to stash some cash. The Sumitomo Corporation of the Americas paid cash for the 31-story, Class A office tower at 333 Seventh St. S., according to a certificate of real estate value made public on Wednesday. The purchase is the company’s first in the Twin Cities. Sumitomo also owns the 47-story Miami Tower in Miami, the 20-story 450 B Street building in San Diego, the 15-story 203 North LaSalle in Chicago and the 19-story Atlanta Financial Center in Atlanta. The company’s parent is Tokyo-based Sumitomo Corp. The seller was the California State Teachers Retirement System, which paid $94.75 million for the 655,070-square-foot building in 1999, according to CoStar. SPS Tower takes up a 2.5 acre city block bounded by Fourth Avenue South, Third Avenue South, Seventh Street South and Eighth Street South. The transaction, which closed on Feb. 1, works out to $219.82 per square foot. Hennepin County values the building at $90.5 million for tax purposes. New York-based Kohn Pedersen Fox designed the building, which Golden Valley-based M.A. Mortenson Co…. Read full this story
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