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Downtown Lincoln's tallest office building has new owner
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Downtown Lincoln's tallest office building has new owner

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Skyline, U.S. Bank Building

The U.S. Bank building at 13th and M streets, the third-tallest building in Lincoln, has been sold to a partnership based in the Minneapolis area.

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.

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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."

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.

Pandemic will end Nebraska Club's 66-year run in Lincoln

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.

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Reach the writer at 402-473-2647 or molberding@journalstar.com.

On Twitter @LincolnBizBuzz.

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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.

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