Invesco and Zeller Partner to Acquire Fifth Street Towers at Foreclosure Auction for $110.7M

Invesco Ltd.

today announces that its wholly-owned subsidiaries, Invesco Advisers, Inc. and WL Ross & Co. LLC, in partnership with Zeller Realty Corporation, have teamed up to acquire Fifth Street Towers, a two-tower class A office complex comprising 1.1 million square feet in downtown Minneapolis. The purchase was completed at the foreclosure auction held on Thursday morning, April 19, at the Hennepin County Sheriff's office. The price was $110.7 million, $1 more than the credit bid offered by the lender that was foreclosing on the property. The Fifth Street Towers were built in 1985 and 1989 by Opus Northwest. Located at 100 and 150 S. Fifth St., the complex is adjacent to a light rail transit station on South Fifth between Marquette Avenue and Nicollet Mall. Building amenities include below-grade parking, a Caribou Coffee shop, deli on the skyway level, and tenant fitness and conference centers. Currently, the office space is approximately 65 percent occupied.