One of Lincoln’s tallest buildings has a new owner.
U.S. Bank, which has owned the 20-story building at 13th and M streets adorned with its name since 1997, confirmed that it sold the building last week.
U.S. Bank spokeswoman Caitlin Hurley said the building was purchased by a joint venture between Crescent Investment Group and MAP Holdings LLC. She did not disclose the price for the building, but real estate transfer documents indicate the price was just short of $6.2 million, well below the building's assessed value of $10.55 million.
Crescent Investment Group, like U.S. Bank, is based in the Minneapolis area. It owns two of the largest office buildings in St. Paul, Minnesota, and also owns an office building in Pittsburgh. MAP Holdings, an asset-management firm, also is based in the Minneapolis area.
Hurley said U.S. Bank has signed a long-term lease to remain in the building, "and we do not expect this to impact our customers or to change the number of our employees who work in the building."
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The building, which is 220 feet tall, opened in 1970 as the corporate headquarters for First National Bank of Lincoln. In addition to hosting the local headquarters of U.S. Bank, it is home to numerous offices and for decades hosted the Nebraska Club restaurant on the top floor. The restaurant closed at the end of last year due to the coronavirus pandemic.
It was the second-tallest building in Lincoln for 50 years, until being surpassed this year by the 250-foot-tall Lied Place Residences.
The sale of the building also will mean the end of local management, which has been provided by NAI FMA since 1992. The new owners plan to use a national firm based out of St. Louis.
Drew Stange, CEO of NAI FMA, said the firm "has appreciated the opportunity to provide Lincoln-based management and leasing services to U.S. Bank and its predecessors."
"We will be curious to observe what the new owner has in store for the building," he said in a statement.
The 10 tallest buildings in Lincoln
10. Wells Fargo Center
The Wells Fargo building is listed at 148 feet tall by Emporis, although a 1976 Journal Star article lists the height at 173 feet.
9. Terminal Building
The Terminal Building at 10th and O was built in 1916. It is 10 stories and 150 feet tall.
8. Georgian Place
Georgian Place (pictured facing northeast) houses a portion of the downtown YMCA at 11th and P Streets. The apartment building is 11 stories tall and 152 feet. It was built in 1926.
7. University Towers
University Towers, originally known as the Stuart Building, is 13 floors and 158 feet tall. It was completed in 1929. It stands at 13th and P streets.
6. Abel Hall
Abel Residence Hall at the University of Nebraska-Lincoln is estimated to be 161 feet tall.
5. Sharp Building
The Sharp Building, 206 S. 13th St., is 16 floors and 166 feet tall. It was built in 1927.
4. Graduate Hotel
The Graduate Hotel at 9th and P streets is an estimated 198 feet tall.
3. U.S. Bank building
The U.S. Bank building was built in 1969 at 13th and M streets. It is 20 stories tall and 220 feet high.
2. Lied Place
Developers plan to build the $30 million Lied Place Residences, a 20-story retail, office and residential project, on the north side of the Que Place Garage at 12th and Q streets. The building would be 240 feet tall.
1. State Capitol
The Nebraska State Capitol dominates the skyline in Lincoln, including looking west from 28th and J streets. The Capitol has 15 floors above ground and is 400 feet tall. It was completed in 1932 after 10 years of construction; the cost was $9.8 million in 1932 dollars.
The Capitol stays Lincoln's tallest building because the Lincoln Municipal Code puts height restrictions on structures within the Capitol Environs District.
Reach the writer at 402-473-2647 or molberding@journalstar.com.
On Twitter @LincolnBizBuzz.
Matt Olberding
Business reporter
Matt Olberding is a Lincoln native and University of Nebraska-Lincoln graduate who has been covering business for the Journal Star since 2005.
