Franklin Street Properties buys Plaza Seven in Minneapolis for $82m

Franklin Street Properties, a real estate investment trust, has acquired the Plaza Seven Office Tower in downtown Minneapolis in a $82 million deal. Located at 45 South Seventh Street, the 36 story mixed-use office tower traded for approximately $252 per rentable square foot. The office component contains 325,796 rentable sqf and is located on floors 18-36. A recently rebranded 360-room Radisson Blu hotel is located on floors 1-17 but was not part the purchase. At the time of closing, 97 percent of the office space was accounted for with 30 percent due for renewal over the next three years. The Company funded this acquisition with proceeds from non-core dispositions, loan repayments and borrowings under its revolving credit facility. No debt was assumed in connection with this acquisition.