The recent sale of a five-story Warehouse District office building marked the beginning of a new commercial real estate firm’s mission to spark renewed energy and vibrancy in downtown Minneapolis.

Willow Peak announced this week that it purchased 300 First Ave. N in partnership Onward Investors.

“This acquisition is part of our commitment to taking tangible steps that bring economic vitality back to Minneapolis,” Willow Peak founder and CEO Erin Fitzgerald said in a statement. “Our investment in 300 N. First Ave. is about setting a foundation for sustained growth, where businesses and community life can flourish side by side. We’re excited to be part of the movement bringing people back to downtown.”

The purchase price wasn’t disclosed and isn’t yet available through property records filed with the Minnesota Department of Revenue. The almost 100,000-square-foot building’s market value is assessed at $5.8 million for 2024.

The building is currently 53% leased to global software company Anaplan. It previously served as the headquarters for SuperValu and housed Downtown Intimates.

Willow Peak plans to consider multiple uses for unoccupied space in the building, including office, retail, entertainment, wellness, and residential. The same goes for other properties that the firm acquires in the future.

Fitzgerald thinks 300 First Ave. N is in one of the best locations downtown due to its proximity to the North Loop and the Four Seasons. She believes it’s also well-positioned to benefit from the $30 million reconstruction of First Avenue between Washington Avenue and Eighth Street.

Willow Peak’s vision aligns with Mayor Jacob Frey’s new Downtown Action Plan, whose main goals are to boost building reuse, fill vacancies, and activate streets with events.