The Board of Directors at FSP 50 South Tenth Street Corp., an affiliate of Boston-based Franklin St. Properties, has hired CBRE to sell its 486,000 square foot office and retail building at 50 South Tenth Street in Minneapolis, MN.
Built in 2001, the 12-story office tower houses offices for Target and developer Ryan Companies, which occupies 72,000 square feet on the third floor. The building is linked in all four directions via the Downtown Minneapolis skyway system.
“We believe that the lease extension and expansion with Target, together with an improving and active Minneapolis office building investment climate, are combining to create a potentially advantageous sales opportunity for the holders of the Company’s preferred stock,” the company wrote in a letter to shareholders.
An 830-space underground parking garage and 30,000 square feet of retail space are also part of the mixed-use facility in Downtown Minneapolis.
Part of the building is a prototype Target Store which has a four-story facade. The store itself is 145,000 square feet on two levels.