Minneapolis Skyscraper Sells For $6.25M, 97% Drop Since 2016: Report

MINNEAPOLIS — Onward Investors has reportedly purchased the 31-story Ameriprise Financial Center in downtown Minneapolis for $6.25 million.

This sale represents a staggering 97 percent drop from the building's previous open-market price in 2016, when it was sold for $200 million, the Minneapolis/St. Paul Business Journal reported.

The Minnetonka-based investment firm confirmed the acquisition Thursday.

The 960,000-square-foot office tower at 707 S. Second Avenue was listed for sale last fall following the announcement that Minneapolis-based Ameriprise Financial Inc. would be vacating the property.

The dramatic price drop highlights the ongoing struggles of the commercial real estate market, heavily impacted by the COVID-19 pandemic and the rise of remote work, which have left lasting scars on downtowns across the nation.

Read more at the Minneapolis/St. Paul Business Journal.