German Investor Agrees to Pay $164.5M for 50 South Tenth St in Minneapolis

FSP 50 South Tenth Street Corp., an affiliate of Wakefield, Mass-based Franklin St Properties, has agreed to sell 50 South Tenth St in Minneapolis, Minnesota to Union Investment Real Estate GmbH, a German limited liability capital investment company, for $164.5 million.

The property is a 12-story multi-tenant office and retail building containing approximately 498,768 rentable square feet of space.

The sale of the Property is subject to FSP 50 South Tenth Street Corp obtaining the consent of the holders of its preferred and common stock and to customary conditions and termination rights for transactions of this type, including a due diligence inspection period for the Buyer.

Assuming FSP 50 South Tenth Street Corp obtains the required consent of the holders of its preferred and common stock, the Buyer completes a satisfactory due diligence inspection of the Property and certain other conditions are satisfied, the closing of the sale of the Property will take place on or about September 2, 2014.