510 Marquette Avenue

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Avian
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510 Marquette Avenue

Postby Avian » March 13th, 2013, 9:57 am

Perhaps another new development on Marquette?

Developer Ned Abdul is buying the 510 Marquette Building(the old Federal Reserve Bank). The mostly vacant Class B building was previously bought by a group of local investors just 10 months ago.

Interesting tidbit from the article - the building has an underground gun range.

http://www.bizjournals.com/twincities/b ... -deal.html
Last edited by Avian on March 13th, 2013, 12:01 pm, edited 1 time in total.

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helsinki
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Re: 510 Marquette Avenue

Postby helsinki » March 13th, 2013, 10:03 am

Avian wrote:the building has an underground gun range.
The feds can be so nutty sometimes.

mattaudio
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Re: 510 Marquette Avenue

Postby mattaudio » March 13th, 2013, 10:11 am

They aren't the feds, just to clarify :)

nasa35

Re: 510 Marquette Avenue

Postby nasa35 » March 13th, 2013, 10:13 am

helsinki wrote:
Avian wrote:the building has an underground gun range.
The feds can be so nutty sometimes.
Considering what they were doing there, a gun range seems rather sensible. Knock this sucker down and build some class A!

mnmike
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Re: 510 Marquette Avenue

Postby mnmike » March 13th, 2013, 10:19 am

That building has an interesting history. There is a very old building under there...a tower was added and it was "modernized" along the way. Even after the tower was added, they street level facade was still in place. Why would they destroy this facade?!?

Image

seanrichardryan
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Re: 510 Marquette Avenue

Postby seanrichardryan » March 13th, 2013, 10:25 am

It was pretty dull, even by old-timey civic building standards. It never had any windows-but it did complete the bankers row on Marquette nicely.
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lordmoke
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Re: 510 Marquette Avenue

Postby lordmoke » March 13th, 2013, 10:34 am

Fun fact: two of the column bases from the old facade are part of the Mozaic's sculpture plaza.

Shame what happened to the building though. Surely windows could have been cut into it- the thing was originally designed by Cass Gilbert!

Tyler
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Re: 510 Marquette Avenue

Postby Tyler » March 13th, 2013, 10:39 am

In it's current state it's a top 5 POS downtown, for sure. What are the chances they'll tear it down? That would be amazing.
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min-chi-cbus
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Re: 510 Marquette Avenue

Postby min-chi-cbus » March 13th, 2013, 10:43 am

It sounds from the article that the space is more likely to be rehabbed than redeveloped. The way I see the deal, it works well for the sellers because if the price is high enough they free themselves from the grind of having to fill "soft" B space in an unfriendly office environment (for that class) and lower their risk outlook significantly by getting cash now, investing less capital, and removing any uncertainty. The buyer has the opportunity to puchase a large office building in a great location for dirt cheap (again, the soft Class B office market) and may be more proficient at filling such spaces with tenants than the seller....who knows? I just don't see anything "immenent" about this building being torn down...

Tyler
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Re: 510 Marquette Avenue

Postby Tyler » March 13th, 2013, 10:47 am

duh. should have read that first, obviously. I wonder if anything can be done to the street level? Or if he would even care about improving it?
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nordeast homer
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Re: 510 Marquette Avenue

Postby nordeast homer » March 13th, 2013, 2:00 pm

Their largest tennant (RBC) left in December so the office portion of the building is probably 90 - 95% empty. I'm guessing he is looking at a rehab and an opportunity to fill the place and sell to make a profit. Not to speculate too much, but it might just be about the size of space that Campbell Mithune is looking for.

Nordeastmpls
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Re: 510 Marquette Avenue

Postby Nordeastmpls » March 13th, 2013, 6:48 pm

Hopefully they do something about the exterior. It drives me crazy that the top doesn't match the bottom. Also, it is kind of a fortress from the street.

seanrichardryan
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Re: 510 Marquette Avenue

Postby seanrichardryan » March 29th, 2013, 11:10 pm

Looks like it's closing. Mostly vacant too. I wouldn't expect Ned to be proposing any supertalls though, his last big project was the Uptown Theater.

http://m.bizjournals.com/twincities/new ... lding.html
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helsinki
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Re: 510 Marquette Avenue

Postby helsinki » March 30th, 2013, 3:34 am

Hopefully this neck of the woods continues to get livelier.

Never really gave it a second look before, but man is this one ugly building. Mid-century modernism was not kind.

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Nick
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Re: 510 Marquette Avenue

Postby Nick » April 2nd, 2013, 8:21 pm

http://www.startribune.com/business/201088901.html
510 Marquette building sold for $6.69 million

Article by: STEVE ALEXANDER , Star Tribune
Updated: April 2, 2013 - 8:36 PM

The 510 Marquette office building in Minneapolis has sold for $6.69 million, up 27 percent from its selling price less than a year ago.

The building, which has 198,552 square feet, was purchased late last week by Marquette Partners LLC, an affiliate of Minneapolis-based Swervo Development. The seller was OP2 Marquette, an affiliate of Opportunity Advisors of Eden Prairie. The sale price has just been disclosed in Hennepin County real estate records.

[...]
A 27 percent return on investment in less than a year? I need to get in on that...

min-chi-cbus
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Re: 510 Marquette Avenue

Postby min-chi-cbus » April 3rd, 2013, 10:38 am

min-chi-cbus wrote:It sounds from the article that the space is more likely to be rehabbed than redeveloped. The way I see the deal, it works well for the sellers because if the price is high enough they free themselves from the grind of having to fill "soft" B space in an unfriendly office environment (for that class) and lower their risk outlook significantly by getting cash now, investing less capital, and removing any uncertainty. The buyer has the opportunity to puchase a large office building in a great location for dirt cheap (again, the soft Class B office market) and may be more proficient at filling such spaces with tenants than the seller....who knows? I just don't see anything "immenent" about this building being torn down...
I like it when I actually get it right once in a while.....nice job, me!

nasa35

Re: 510 Marquette Avenue

Postby nasa35 » April 3rd, 2013, 11:18 am

min-chi-cbus wrote:It sounds from the article that the space is more likely to be rehabbed than redeveloped. The way I see the deal, it works well for the sellers because if the price is high enough they free themselves from the grind of having to fill "soft" B space in an unfriendly office environment (for that class) and lower their risk outlook significantly by getting cash now, investing less capital, and removing any uncertainty. The buyer has the opportunity to puchase a large office building in a great location for dirt cheap (again, the soft Class B office market) and may be more proficient at filling such spaces with tenants than the seller....who knows? I just don't see anything "immenent" about this building being torn down...
Exactly. Spend 30,000,000 with a nice renovation, make it a B+ property. Or, spend 500,000,000 to redevelopment something that isn't a sure thing possibly. Makes sense to me.

twincitizen
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Re: 510 Marquette Avenue

Postby twincitizen » April 3rd, 2013, 12:56 pm

The F&C story also mentions that they will rehab some common areas into leaseable space, increasing the available square footage, in addition to a makeover to B/B+ space. There were some quotes flying around like "it will look like a totally different building", but I'm not sure if that means interior only or if they plan on rehabbing the exterior at all. Star Trib was mentioned as a possible tenant. They'd like to be in or near the CBD (Strib's words) and probably don't need/want to be paying for Class A (my thoughts)

seanrichardryan
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Re: 510 Marquette Avenue

Postby seanrichardryan » April 3rd, 2013, 2:09 pm

They should paint it purple.
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lordmoke
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Re: 510 Marquette Avenue

Postby lordmoke » April 3rd, 2013, 2:30 pm

If the Strib moved in, they could re-clad the first few floors of this with the exterior of the old Strib Building. I think it would actually match up fairly well. Regardless, I hope they do something to make the bottom of this look less like a prison.


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