Wells Fargo Center has sold to a group of three investors, one of which is based in the Twin Cities.

Onward Investors, Cross Ocean Partners, and Neuberger Berman Special Situations announced Thursday that they purchased Wells Fargo Center, located at 90 S. Seventh St., but did not disclose the sale price. Unidentified sources with knowledge of the deal told Finance & Commerce that the joint venture paid about $85 million for the property.

Miami-based Starwood Capital Group bought Wells Fargo Center, the third-tallest building in Minneapolis, for $314 million in 2019. The latest Hennepin County tax assessment valued the property at $174 million in 2024.

Wells Fargo Center opened in 1987 as the headquarters for Norwest Corp., which eventually merged with Wells Fargo, the building’s anchor tenant. The 57-story building is currently 62% leased, with as much as 110,000 square feet of contiguous available space. 

Onward Investors is a Minnetonka-based real estate investment firm, which recently purchased 300 First Ave. N with Willow Peak, a new company that wants to “bring economic vitality back to Minneapolis.”

“This acquisition epitomizes our fundamental value investment strategy of opportunistically capitalizing upon market dislocation and demonstrates Onward Investors’ continued commitment to playing an active role in Minneapolis’ revitalization,” Jon Lanners of Onward Investors said in the announcement.

Editor's note: This story was updated on Dec. 16, 2024.