Colonnade sold for $52 million to New York buyer
20.05.12
New York-based DRA Advisors LLC has paid about $52 million for the Colonnade office tower in Golden Valley and an adjacent piece of land. The sale marks one of the largest local office deals to close during 2011.
New York-based Teachers Insurance and Annuity Association-College Retirement Equities Fund ( TIAA-CREF ) has owned the building for almost two decades.
Certificates of real estate value (CRVs) filed with Hennepin County show that DRA entities paid $50.4 million for the 360,000-square-foot Colonnade office tower and $1.58 million for vacant land that has long been eyed for additional development. The sale closed last week.
DRA’s website describes it as an “investment advisor specializing in real estate investment and management services for institutional and private investors.” The company invests in office, industrial, retail and multifamily properties across the U.S. but has no current holdings in Minnesota.
On Tuesday, a representative of DRA Advisors could not be reached for comment. A spokesman for TIAA-CREF declined to comment on the deal.
Source: Finance and Commerce
