Onward Investors, headquartered in Minnetonka, has recently acquired the 31-story Ameriprise Financial Center in downtown Minneapolis for a fraction of its previous valuation. The firm reportedly paid $6.25 million in cash for the property located at 707 South Second Avenue, marking a substantial decrease from its last sale price of $200 million in 2016. This strategic move adds to Onward's expanding portfolio of commercial real estate in the city center. The company is currently evaluating various possibilities for repurposing the building, signaling its commitment to revitalizing the urban landscape.

The acquisition of this prominent skyscraper reflects Onward Investors' confidence in the future of Minneapolis. Partner Jon Lanners expressed that this purchase underscores their dedication to supporting the city's recovery. He emphasized the importance of engaging with multiple stakeholders as they explore new uses for this iconic structure. With a robust investment fund backed by private capital, Onward has been actively seeking undervalued office properties across different regions. Recent acquisitions have included deals in cities like Charlotte and Richmond, further illustrating their nationwide strategy.

Lanners highlighted that while there are uncertainties surrounding the future of traditional office spaces, they remain optimistic about the long-term prospects. According to him, there has been a noticeable increase in leasing activity within their existing portfolio. This trend suggests that high-quality assets will continue to attract tenants. As part of their vision, Onward plans to work closely with community members and other interested parties over the coming months to reimagine how this well-known landmark can best serve the evolving needs of the area.

This transaction represents a pivotal moment for both Onward Investors and the broader real estate market in Minneapolis. By acquiring this significant asset at such a reduced price, the firm positions itself as a key player in shaping the future of urban development. Moving forward, the company aims to leverage its expertise and resources to transform the Ameriprise Financial Center into a space that aligns with modern demands and contributes positively to the local economy and community.