Acquisition makes Rand the largest private owner of commercial property in downtown St. Paul

About this announcement:

  • Real estate investor Jamie Rand’s Downtown Revival Trust has acquired 375 Jackson St. and 135 5th St. in downtown St. Paul.
  • The acquisition makes Rand the largest private owner of commercial property in downtown St. Paul.
  • Rand also owns the First National Bank Building and the Great Northern Building.

 

SAINT PAUL, MN / ACCESS Newswire / September 10, 2026 / Tampa, Florida-based real estate investor Jamie Rand through his Downtown Revival Trust has acquired 375 Jackson St. and 135 5th St. – two connected, multi-tenant office buildings totaling 270,000 square feet in downtown St. Paul. The acquisition followed Rand’s all-cash purchase of approximately $15 million in outstanding mortgage debt and a consensual deed-in-lieu transaction that transferred ownership of the properties to the Downtown Revival Trust.

This acquisition expands Rand’s St. Paul portfolio, making him the largest private owner of commercial real estate in the city’s central business district. Rand also owns the First National Bank Building and the Great Northern Building.

“This is a significant long-term investment in downtown St. Paul and another vote of confidence in the city,” Rand said. “We believe downtown Saint Paul has tremendous underlying value. Our strategy is to acquire good buildings at a basis that allows us to reinvest in them, compete aggressively for tenants and bring more people, businesses and activity downtown.”

375 Jackson St. was built in 1967 and originally known as the Farm Credit Services Building. The adjacent 135 5th St. building was completed in 1981 and is connected to the original 1967 building by an enclosed glass skyway. Both buildings were most recently owned by Madison Equities.

Rand’s Downtown Revival Trust will immediately begin working with existing tenants while evaluating building operations, leasing opportunities and capital improvements. Its initial priorities will be improving operating efficiency, addressing tenant needs and identifying investments that will make the properties more competitive in today’s office market.

“Strong downtowns need property owners willing to invest for the long term,” said Dave Higgins, president of the Saint Paul Downtown Development Corporation. “This purchase puts significant private capital behind this property, setting it up for a stronger position in the market and ultimately benefitting all of downtown.”

Rand has become one of the most active private investors in downtown St. Paul, making a series of substantial investments at a time when many owners and investors have been reducing their exposure to traditional downtown office properties. He has focused on building repairs and improvements, including recent relighting of the iconic ‘1st’ sign atop the First National Bank Building.

“We aren’t looking at these properties individually,” Rand said. “We are looking at downtown St. Paul as a whole. The more buildings we can stabilize, improve and fill with people, businesses and activity, the stronger the entire downtown becomes.”

Rand’s investments are part of a broader strategy centered on downtown revitalization, including working with businesses, governments, civic organizations, tenants and other property owners to improve the business district.

“We’re seeing people and businesses make significant commitments to downtown because they see its tremendous potential,” said Joe Spencer, president of the Saint Paul Downtown Alliance. “Jamie Rand’s continued investment is another great sign for where downtown is headed and the momentum we’re seeing.”

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ABOUT THE DOWNTOWN REVIVAL TRUST

The Downtown Revival Trust invests in the preservation and revitalization of significant buildings in downtown St. Paul, including the Great Northern Building, First National Bank Building, 375 Jackson St. and 135 5th St. Its mission is to preserve the architectural and historic character of Minnesota’s capital city while reinvesting in properties and adapting them for uses that contribute to a more active, economically vibrant downtown. Learn more at downtownrevivaltrust.com.

ABOUT JAMIE RAND

Jamie Rand is a Tampa, Florida-based real estate investor, founder of the Downtown Revival Trust and senior managing director of Prime Asset Fund. He is the largest private owner of commercial property in downtown St. Paul. His investment strategy focuses on acquiring underutilized or distressed commercial assets at attractive cost bases, improving operations, reinvesting in the properties and positioning them for long-term occupancy and value creation..

ABOUT 375 JACKSON ST. AND 135 5TH ST.

375 Jackson St. and 135 5th St. are connected, multi-tenant office buildings totaling 270,000 square feet in downtown St. Paul. They are within walking distance of government offices, transit, restaurants and other downtown amenities. The two buildings have historically served a mix of governmental and private-sector tenants and are connected to the downtown skyway system.

For further information:
Michael Marcotte
763-772-5983
marcotte@goffpublic.com

Artwork is available for download here.

SOURCE: Downtown Revival Trust

View the original press release on ACCESS Newswire

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