MINNEAPOLIS, Dec. 12, 2024 /PRNewswire/ — Today, a joint venture between Cross Ocean Partners, Neuberger Berman Special Situations client funds and Onward Investors announces the acquisition of the iconic 57-story Wells Fargo Center in the heart of Minneapolis’ downtown commercial district. The landmark property, Minneapolis’ third tallest building and a mainstay of the city’s skyline, opened in 1987 as the headquarters of Norwest Corporation (which since merged with Wells Fargo) and was designed by internationally acclaimed architect César Pelli in art deco style.
Currently 62% leased with up to 110,000 square feet of contiguous availability, the 1.15 million square foot trophy office building has long been one of Minneapolis’ most desirable, averaging 95% occupancy since 1988. Previously sold in 2019, considerable renovations have since been made, and ownership intends to continue to strategically invest in the property. Pairing state-of-the-art amenities with timeless design, the Wells Fargo Center is well-positioned to attract tenants seeking a premier building in a dynamic urban environment.
“This acquisition epitomizes our fundamental value investment strategy of opportunistically capitalizing upon market dislocation and demonstrates Onward Investors’ continued commitment to playing an active role in Minneapolis’ revitalization,” said Jon Lanners, Partner at Onward Investors.
About Cross Ocean Partners:
Cross Ocean Partners is a global mid-sized specialist asset manager with approximately $8.7 billion of AUM and 78 employees across its offices in Greenwich (CT), London and Dublin. Cross Ocean is led by Graham Goldsmith, CEO and co-CIO, and Steve Zander, Head of Europe and co-CIO. It invests globally in a broad range of asset classes including real estate. For more information, please visit: www.crossoceanpartners.com. Data as of September 30, 2024.
About Neuberger Berman:
Neuberger Berman is an employee-owned, private, independent investment manager founded in 1939 with over 2,800 employees in 26 countries. The firm manages $509 billion of equities, fixed income, private equity, real estate and hedge fund portfolios for global institutions, advisors and individuals. Neuberger Berman’s investment philosophy is founded on active management, fundamental research and engaged ownership. Visit www.nb.com for more information. Data as of September 30, 2024.
About Onward Investors:
Based in Minneapolis, Onward Investors is an alternative investment firm specializing in real estate-related opportunities. Founded in 2011 to capitalize upon dislocation in the wake of the Global Financial Crisis, the firm marries deep asset class expertise with comprehensive credit and equity investing capabilities. For more information about Onward Investors, please visit www.onwardinvestors.com.
SOURCE Onward Investors
