U.S. Bank Center building acquired by St. Paul Downtown Development Corporation

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ST. PAUL, Minn. (FOX 9) - The St. Paul Downtown Development Corporation (SPDDC) announced on Thursday that it has purchased the mortgage on the U.S. Bank Center building downtown.

U.S. Bank Center acquired

What we know:

A property that many see as crucial to revitalizing downtown St. Paul, but has become distressed in recent years, the building located at 101 East 5th St. was formerly owned by First Interstate Bank of Omaha.

Although the terms of the agreement have not been disclosed, SPDDC says the purchase was fully funded by private investment, and no public funds were involved.

In late 2025, an auction process began to sell the building, with the deal officially closing on Dec. 30, 2025.

Dig deeper:

The 516,171-square-foot building includes 25 floors of office and commercial space, as well as a 348-stall parking ramp, according to a press release from SPDDC.

What they're saying:

"U.S. Bank Center is a key asset on 5th Street, a property that will be critical to bridging the vibrancy of the entertainment district and Lowertown," said SPDDC President Dave Higgins. "Acquiring this property’s debt gives the SPDDC additional influence on the continuing stabilization of the downtown core."

"A thriving downtown and a functional urban core will make our city far more desirable for people to live, work, and do business here," said Saint Paul Mayor Kaohly Her. "As we look to build a downtown that works for current and future generations, I am confident that the Saint Paul Downtown Development Corporation’s acquisition of the U.S. Bank Center mortgage to their growing portfolio will open more doors and possibilities in Saint Paul."