Office investors are following closely the pending sale of 50 South 10th Street in downtown Minneapolis, with the property expecting to set a new post-recession price per square foot record. The 450,000-square-foot building, listed by Franklin Street Properties, could sell for close to $300 per square foot, or about $135 million. This would outpace recent CBD office sales in the city by more than $100 per square foot, according to data from Real Capital Analytics.

More remarkably, 50 South 10th Street’s cap rate could approach the low-5% range. Rates on downtown Minneapolis’ office....

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