Fifth Street Towers

In 1984, a gleaming glass structure began to rise in downtown Minneapolis. This was the beginning of Fifth Street Towers. It wasn’t just one tower, but eventually two, marking a significant addition to the city’s skyline. Fifth Street Towers quickly became a prominent landmark, its glassy exterior reflecting the city’s ambition and growth. Built by Opus Northwest, the two towers, completed in 1987 and 1988, offered a substantial amount of Class A office space, attracting major corporate tenants. However, the economic landscape shifted. The towers, once boasting 90% occupancy, experienced a decline following the Great Recession. Deferred maintenance piled up, and the once vibrant hub began to stagnate. The teal accents, so characteristic of the 1980s, started to look dated. By 2012, Fifth Street Towers faced foreclosure, eventually selling for $110 million, significantly less than its previous value. This marked a turning point. The new owners, Zeller Realty Group and Invesco Real Estate, initiated a revitalization project. They invested millions in upgrading the building’s core systems, like heating, air conditioning, and plumbing. The teal was banished, replaced with modern aesthetics. Common areas and the fitness center got a much-needed facelift. The efforts extended beyond cosmetic improvements. Fifth Street Towers pursued and achieved LEED Gold certification, a testament to its commitment to environmental sustainability. This attracted environmentally conscious tenants and significantly reduced the building’s utility bills. The revitalization of Fifth Street Towers coincided with a broader resurgence in the north end of Nicollet Mall. New developments sprung up, creating a buzz around the area. The nearby light-rail station became a major draw for employers and employees alike. Fifth Street Towers, once a “zombie building”, was reborn. Its story is a reflection of Minneapolis’s resilience and its capacity for reinvention.