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Article: Rand Tower sold for less than price paid in 2004; The historic building, from 1929, was bought by a joint venture including a Maple Grove firm that will move in.(BUSINESS)
- Article from:
- Star Tribune (Minneapolis, MN)
- Article date:
- September 4, 2008
- Author:
CopyrightCOPYRIGHT 2008 Star Tribune Co. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: SUSAN FEYDER; STAFF WRITER
The Rand Tower, a historic office building in the heart of downtown Minneapolis, has changed hands in an off-market transaction that closed about two weeks ago.
A joint venture formed by Hempel Properties and Alex Brown Realty Inc. paid $10.2 million for the 26-story building at 527 Marquette Av. S., $1 million less than the price paid in 2004 by Gaughan Companies of Forest Lake.
Rufus Rand, a World War I aviator who was part of the family that owned Minnegasco, built his namesake tower in 1929 in a distinctive art deco style that has earned it a spot on the National Register of Historic Places.
Jon ...