The new owner of the Wells Fargo Center in downtown Minneapolis appears to have landed the iconic building at a fire sale price.

Wells Fargo Center in downtown Minneapolis, the city’s third-tallest building, has been sold to a trio of investor groups, one of which is locally based. Minnetonka-based Onward Investors, an investment firm that focuses on real estate opportunities,

A joint venture between Cross Ocean Partners, Neuberger Berman Special Situations client funds and Onward Investors acquired the iconic 57-story Wells Fargo Center in the heart of Minneapolis’ downtown commercial district.

A joint venture between Cross Ocean Partners, Neuberger Berman Special Situations client funds and Onward Investors has acquired the Wells Fargo Center, a 57-story office tower located at 90 S. Seventh St.

At any price, the sale of the skyline-defining Minneapolis tower could provide a key benchmark in the more volatile office real estate market since the pandemic.