Hines Global REIT Inc., a publicly registered non-traded real estate investment trust, has sold Fifty South Sixth to Singapore-based real estate investor Mapletree for $258.5 million, according to the Minneapolis/St. Paul Business Journal.
The property sold for approximately $370 per square foot, which the publication reported as “a record price for a Twin Cities property.”
Situated on 1.1 acres of land, Fifty South Sixth is a 29-story Class A office building located on Nicollet Mall in the Minneapolis Central Business District. It contains 698,600 square feet, a two-story rotunda and parking for 646 cars. Amenities include on-site restaurants, on-site childcare and four-way access to the Minneapolis Skyway System.
The property was designed by Skidmore, Owings & Merrill and was developed by Hines in 2001. Hines sold the property for $193 million in 2005, and later repurchased it in November 2010 for $180 million.
The property is 93 percent leased and the top tenant at the property is international law firm Dorsey & Whitney LLP, which leases more than 265,000 square feet in the building.
As reported by The DI Wire, Hines Global REIT recently declared a $1.05 per share special distribution to all stockholders of record as of December 30, 2017 from the net proceeds of six asset sales during 2017.
Hines Global REIT, which commenced its initial public offering in August 2009, raised $2.9 billion in investor equity in its two public offerings, the last of which closed in April 2014. The company’s multi billion portfolio is comprised of 37 properties located in the United States and abroad.