Dan Netter//December 23, 2025//
Boston Scientific bought its new building at 1 Boston Scientific Way in Maple Grove for $188 million in December. (File rendering: File Rendering: Perkins&Will)
Discounts, medical offices shape metro office market 2025
Boston Scientific bought its new building at 1 Boston Scientific Way in Maple Grove for $188 million in December. (File rendering: File Rendering: Perkins&Will)
Dan Netter//December 23, 2025//
The Blueprint
- Steep discounts dominated 2025 office sales, continuing a trend from 2024.
- Medical office buildings emerged as top-performing assets.
- West metro properties led the market in pricing and demand.
- Ameriprise Financial Center sale marked a 97% value drop from 2016.
Three trends defined the office market in 2025: The west metro, medical office buildings and discounted properties.
Of the top five properties, when accounting for overall price, all of them fit into one of the first two categories. Meanwhile, there was an undeniable trend of properties throughout the metro receiving giant discounts compared to what they had sold for in years prior.
This final trend carried over from 2024, which had notable sales that included the Forum office towers selling for a 91% discount or the Wells Fargo Center selling for $200 less per-square-foot than it had five years before. The first month of 2025 didn’t even pass before Minneapolis saw Ameriprise Financial Center sell for 97% less than when it sold in 2016.
But medical office properties and the west metro continue to be a highlight of the market.
The properties below represent the notable tops and bottoms of the 2025 office market, as previously reported by Finance & Commerce.
Boston Scientific Arbor Lakes building
Address: 1 Boston Scientific Way, Maple Grove
Purchase Price: $188 million
Size: 400,000 square feet
Price per square foot: $472
Month of sale: December
Buyer: Boston Scientific
Seller: Ryan Cos.
Description: Move over 2025, this property represents one of the most expensive single-property transactions to take place in Minnesota ever. The property was handcrafted by Ryan Cos. for Boston Scientific, which also announced plans in June to sell its Minnetonka campus and move employees to this building and another Maple Grove property. The site will act as a research lab for one of Maple Grove’s biggest employers.
Arbor Lakes Medical Building
Address: 12000 Elm Creek Blvd. N, Maple Grove
Purchase Price: $24.8 million
Size: 89,000 square feet
Price per square foot: $278.65
Month of sale: May
Buyer: Remedy Medical Properties
Seller: Olympus Ventures
Description: Located not too far from the new Boston Scientific building, this site sold to Remedy Medical Partners in Chicago. While its location is prime, part of its value is likely chalked up to its tenant base. It is anchored by M Health Fairview, which houses rehabilitation services within the center. It also features some local dentistry practices as well as a radiological office and the Northwest Eye Clinic.
Summit Orthopedics Urgent Care
Address: 6050 Sycamore Lane N., Plymouth
Purchase Price: $35 million
Size: 78,000 square feet
Price per square foot: $448.72
Month of sale: December
Buyer: Hammes Partners
Seller: Scannell
Description: This property is a contender for one of the most recent buildings to have sold this past year. It was completed just two months prior to its sale, when Hammes Partners, a Milwaukee investment group, snatched it up. It has one tenant in Summit Orthopedics, which houses an urgent care clinic as well as a handful of other offices in the three-story building.
Washington Avenue Offices
Address: 100 and 111 Washington Ave., Minneapolis
Purchase Price: $48.62 million
Size: 1,172,068 square feet
Price per square foot: $41.48
Month of sale: November
Buyer: Pioneer Acquisitions
Seller: Shorenstein
Description: These properties certainly fit in the “discounts category” accounting for their price-per-unit, though their overall price was still among the highest of the year. The price point between $40 and $60 per square foot is likely the new average price point for a Class B office property, a trend the metro saw emerge last year with the sales of Olympic Place and Waterford Office Park. This also includes a parking structure, but it doesn’t include the Yamasaki Building, which was also owned and marketed for sale by Shorenstein. That property sold individually the same month to a local investor.
5901 Lincoln Drive
Address: 5901 Lincoln Drive, Edina
Purchase Price: $15.45 million
Size: 200,000 square feet
Price per square foot: $77.25
Month of sale: April
Buyer: Buhl Investors
Seller: Opus
Description: 2025 was a strong year for Buhl Investors and this marked its second purchase in the market for the year. The site is leased to Children’s Minnesota for an administrative center. Buhl went on to sell a handful of properties in the metro, such as flex properties in Minnetonka and Eden Prairie in the fall.
JonnyPops Innovation Center
Address: 9800 59th Ave., Plymouth
Purchase Price: $9.9 million
Size: 160,000 square feet
Price per square foot: $62
Month of sale: February
Buyer: JonnyPops
Seller: Cantel Medical
Description: This property sold at a discount from its previous sale price in 2018 when it sold for $31 million, a 68% decrease in value, which is notable but less than some decreases seen in downtown Minneapolis and St. Paul. The site is also notable because it is one of the higher-profile user purchaser sales made in 2025, with JonnyPops planning to use the property as a research and development site.
Ameriprise Financial Center
Address: 707 Second Ave. S., Minneapolis
Purchase Price: $6.25 million
Size: 960,000 square feet
Price per square foot: $6.50
Month of sale: January
Buyer: Onward Investors
Seller: GHR Foundation
Description: While the transaction was shocking, the “ridiculously low” price-per-square-foot begins to add up when you consider that Ameriprise was the single tenant and intended to sashay away once its lease was complete in October. The site sold at a 97% discount from its 2016 price when it traded for $200 million.
8500 Tower
Address: 5800 84th St. W., Bloomington
Purchase Price: $4 million
Size: 467,000 square feet
Price per square foot: $8.56
Month of sale: September
Buyer: Namdar Realty Group
Seller: An entity related to Columbia Pacific Advisors, the site’s lender.
Description: This site’s price is less about its location or tenancy (though it is 25% vacant), and more about the confusing ground and building lease the site is under. When its previous owner, Opal, bought it, it put the building and the ground beneath under separate leases. This sale also marks the break-up of Normandale Lake Office Park, which was once under unified ownership, but who will now be forced to compete with one another for tenants.
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