Although the third quarter of 2016 only saw four transactions for office buildings at least 50,000 square feet in size, the average price per square foot increased 82 percent quarter-over-quarter. This is largely due to the sale of Ameriprise Financial Center, which sold for $200 million to Florida-based Morning Calm Management at the end of August. The transaction is the largest deal of the year, surpassing the $82 million sale of PwC Plaza (formerly known as Plaza Seven) back in June. Expect more transaction volume in Q4, as there are already four pending sales totaling $37.7 million.

1. Minneapolis–St. Paul
2016 office sales slow in Q3 but transaction
value per square foot spikes
Chart of the week: September 19, 2016
Sources: JLL Research, Real Capital Analytics
• Although the third quarter of 2016 only saw four transactions for office buildings at least 50,000 square
feet in size, the average price per square foot increased 82 percent quarter-over-quarter. This is largely
due to the sale of Ameriprise Financial Center, which sold for $200 million to Florida-based Morning
Calm Management at the end of August. The transaction is the largest deal of the year, surpassing the
$82 million sale of PwC Plaza (formerly known as Plaza Seven) back in June.
• Expect more transaction volume in Q4, as there are already four pending sales totaling $37.7 million.
3,285,595
1,496,617
1,312,190
16
11
4
0
2
4
6
8
10
12
14
16
18
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
Q1 Q2 Q3
Total Square Feet Sold Transaction Count
$265,091,718
$177,798,860
$272,560,000
$103.03
$91.04
$165.30
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
$0
$50,000,000
$100,000,000
$150,000,000
$200,000,000
$250,000,000
$300,000,000
Q1 Q2 Q3
Total Sales Average Price PSF