Wells Fargo Center in Minneapolis selling for $315 million

One of downtown Minneapolis' tallest office towers, the Wells Fargo Center downtown, is being sold for $315 million, according to a source with direct knowledge of the deal.

The 57-story office tower, located at 90 S. 7th St. in the heart of the downtown commercial district, is being purchased by the Connecticut-based Starwood Capital Group, according to the source.

Starwood Capital, which is best known for creating Starwood Hotels & Resorts in the mid-1990s, is paying one of highest prices ever for a Minneapolis tower and plans to renovate the office complex and add amenities. Starwood Capital didn't respond to requests for comment Monday.

The seller is a partnership that includes global investment firm Blackstone and real estate company Hines, the manager of the property. A Hines representative at Wells Fargo Center declined to comment when asked about the sale. Blackstone didn't return a request for comment.

Read more: http://www.startribune.com/wells-fargo-center-in-minneapolis-selling-for-315-million/507945562/