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Japan-based Sumitomo Corporation of America Expands with Minneapolis, Minnesota Commercial Tower

02/07/2019
Japan-based Sumitomo Corporation of Americas purchased the 31-story, SPS Tower, a LEED certified office building in the heart of the commercial business district in Minneapolis, Minnesota.

According to company officials, the building boasts an 84% occupancy level throughout its 655,070 square feet of rentable space. Anchored by major tenants SPS Commerce, Inc. and Accenture, LLP, SPS Tower is connected to three adjacent buildings via a pedestrian skyway and just a few minutes' walk to the city's LRT and bus lines.

Additionally, the building sits atop a four-level underground parking garage made up of 630 spaces with easy access to major highways. Recently renovated, the property's amenities include a conference center, fitness center, shipping and mail services, food services and car washing and detailing.

"We are very pleased to have completed this deal and gain ownership of SPS Tower. This is our first real estate investment in Minneapolis and we believe the expertise we've cultivated throughout our several years within the U.S. real estate market will allow us to bring insights and improvements related to building management and tenant relationships. We look forward to providing a high-quality office environment for the tenants of Minneapolis," said Yurika Sugimoto, Real Estate Manager in the Commercial Real Estate Unit at Sumitomo Corporation of Americas.

Sumitomo officials noted Minneapolis is an economic powerhouse in the northern Midwest region of the U.S. with a population of 3.6 million people. The city is home to a large number of Fortune 500 companies, including Target, Best Buy and 3M. The CBD's large office rental submarket paired with the highest average rent in the city makes this area an optimal investment opportunity.

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