Stay Curious. Stay Connected.
MailNewsletters♡Donate Now
Sign up
*Password must be at least 8 characters and contain one uppercase letter, one lowercase letter, one number and one symbol.
Already have an account?
By submitting, you consent that you are at least 18 years of age and to receive information about MPR's or APMG entities' programs and offerings. The personally identifying information you provide will not be sold, shared, or used for purposes other than to communicate with you about MPR, APMG entities, and its sponsors. You may opt-out at any time clicking the unsubscribe link at the bottom of any email communication. View our Privacy Policy.
Sign in to your profile
Forgot Password?
New to MPR News?
Welcome back
to news
for you
Reset Password

Enter the username on file and we'll send you a code to reset your password.

Still require assistance or not sure what your User Name is?
Welcome back
to news
for you
Email Verification

A verification code has been emailed to

Still awaiting the code?
Business and Economic News
Estelle Timar-Wilcox

Downtown St. Paul’s largest property owner to sell portfolio

downtown st paul skyline
The owner of several major office buildings in downtown St. Paul — including the First National Bank building and its iconic red sign, visible at right of center in this photo from Wednesday — is putting the properties up for sale.
Andrew Krueger | MPR News

Go Deeper.

Create an account or log in to save stories.

Log inCreate a free Account

Like this?

Thanks for liking this story! We have added it to a list of your favorite stories.

Show me!

St. Paul’s largest property owner is looking for a buyer for its entire portfolio. 

Madison Equities is selling six downtown office buildings with more than 1.6 million square feet between them, including the landmark First National Bank Building. The portfolio also includes two parking garages, a restaurant and a parking lot. 

According to the offering memorandum, property owners have not set a price for the sale. They’re encouraging prospective buyers to make offers on the entire portfolio, or on individual properties. The sellers say a call for offers and bid due date might be set at a later time. 

Sellers are pitching the buy as an opportunity to redevelop and bring new life to downtown.

Two of the buildings, the Alliance Center and the First National Bank Building, currently have occupancy rates at less than 50 percent, according to the memorandum.

“Investors can add value by leasing vacancy and increasing net operating income as people make their way back to work,” the memorandum reads.

The memorandum says another two of the buildings are unoccupied. One of them — Park Square Court at 400 Sibley Street — is “shovel ready” for redevelopment as a hotel. 

Until recently, Madison Equities was owned by Jim Crockarell. As the Pioneer Press reports, after Crockarell’s death in January, the portfolio went to his wife, Rosemary Kortgard.