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Multimillion-dollar office building goes up for sale in St. Paul

Gregory A. Lang

The prominent real estate firm, Cushman & Wakefield/NorthMarq has been chosen to assist in the sale of a landmark piece of real estate in St. Paul, Minnesota. Wells Fargo Place, a Class A office asset rising up 37 stories into the air and boasting 656,000 square feet of office space has been put up for sale.

Classification systems for buildings were created by the Canada- and United States-based Building Owners and Managers Association. According to BOMA, a Class A office building is the most prestigious and competes for premier office space users willing to pay above-average rents. Class A buildings usually have high quality finishes, exceptional accessibility, a definite market presence and state of the art systems.

The office building is located centrally in the St. Paul business district. Historically, the location has maintained a high occupancy rate along with a strong mix of tenants. The building was construction in 1987 and it is currently owned by a Unilev Capital Corporation affiliate since it purchased Wells Fargo Place in 2006. The list of important tenants in the building currently include names such as Wells Fargo, the Internal Revenue Service, Larson King, Minnesota State Colleges & Universities and AgriBank. A team of professionals is currently assisting in the marketing of the building's sale.

Whenever a large, multimillion-dollar piece of real estate goes up for sale, it is vital that the team of professions selected to manage its sale takes its job seriously. Competent commercial real estate lawyers should also be brought in to create, finalize and negotiate the terms of passing ownership of the property to the new party that is purchasing it. Even the slightest mistake could turn into a million-dollar mix-up if it is not handled appropriately.

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