Investment Summary
A joint venture between LCP and an institutional partner acquired the 728,154 square-foot Two22 office tower from Principal Real Estate Investors for $81 million ($111/SF) on July 2, 2019. Two22 is located on the eastern part of the skyway in the Minneapolis CBD and is comprised of 42 stories with typical floor plates of 23,000 RSF and four levels of below-grade parking. At acquisition, the tower was 61% occupied with known vacancies taking occupancy to 51%. Two22 was acquired at approximately 72% below replacement cost of $400/SF.
