NY-based investment company DRA Advisors LLC has acquired the MoneyGram and 1600 Towers located in Saint Louis Park, MN from Equity Office / The Blackstone Group for $81 million, or approximately $165 per square foot.
The two class A office towers total 490,787 square feet in a master-planned office park immediately adjacent to The Shops at West End retail development. Duke Realty Corporation developed the two towers in 1987 and 2000.
MoneyGram Tower, at 1550 S. Utica Ave., is a nine-story, 236,645-square-foot office tower more than 70-percent occupied by MoneyGram. The adjacent property at 1600 S. Utica Ave. totals 254,142 square feet occupied by multiple tenants including Hamline University. The portfolio was 90 percent occupied at the time of sale.
Tom Holtz, Steven Buss, Ryan Watts and Judd Welliver with CBRE's institutional group in Minneapolis represented the seller, a duo of global investment firms. The Minneapolis brokerage team focuses on the disposition of office and industrial properties, while CBRE's 85-member institutional group is part of the firm's global markets enterprise, which completed $95.6 billion in combined total activity during 2011.
Please see CoStar COMPS #2657349 for additional information on this transaction.