Minnesota Real Estate Journal
September 30, 1996

Zeller Sells NFC Tower: Building Goes For Nearly $45 Million
By Robert S. Walker

Dallas-based INVESTCO Realty Advisors purchased the 24-story, 434,746 square foot Norwest Financial Center (NFC) Tower in Bloomington from Zeller Realty Corp. on Sept. 21.

A source close to the sale says Chicago-based Zeller’s asking price for the 22-year old tower was roughly $45 million, and the final sale price was close to that figure.

Zeller purchased the building, located at 7900 Xerxes Ave. S., for just under $17 million in 1990. Hennepin County has the property listed under two parcels and assesses the total market value at $27,834,200.

Jim Gearen, vice president of Zeller, says the NFC Tower is 100 percent leased with AT&T, Norwest Banks and Larkin Hoffman Daly & Lindgren Ltd. as the anchor tenants. He says Zeller will continue to provide property management and leasing services for the building as a part of the purchase agreement.

Terry Kingston of First Capital represented Zeller in the sale. When Kingston was employed by Coldwell Banker in 1990, he represented Prudential when it sold the building to Zeller.

Steve Eckstein of INVESTCO says the company was “interested in the suburban office market of Minneapolis overall. We felt that the building had a good location, good tenant base and good improvements for the market.”

INVESTCO has been active in the Twin Cities market for about three years, Eckstein says. The company also owns the Prairie Lakes Office Building and Town Square retail center in Eagan.

“We’ve been looking for some time with the overall improvement of the market,” he says.

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