Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Thursday, 07 February 2019

Sumitomo Pays $144Mln for SPS Tower in Minneapolis

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Commercial Real Estate Direct Staff Report

Sumitomo Corp. of Americas has paid $144 million, or nearly $220/sf, for the SPS Tower office building in downtown Minneapolis.

The New York subsidiary of global trading giant Sumitomo Corp. bought the 655,070-square-foot property from the California State Teachers' Retirement System, which was represented by Eastdil Secured.

The 33-story property, at 333 South Seventh St., was constructed in 1987. It is 84 percent leased to tenants that include SPS Commerce Inc. and Accenture. SPS, the building's anchor tenant, leases 216,000 sf under an agreement that expires in 2025.

SPS Tower has a conference center, fitness center, shipping and mailing services, food services and car washing...





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“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

  • Breaking mortgage, CMBS, and REIT news

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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Minneapolis
  • States: Minnesota
  • Sector: Office
  • Subject: Property Acquisitions (ACQ)
  • Valuation: Between $100 million and $150 million
  • Private: Yes
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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