US Bank Building In Duluth Has A New Owner

One of downtown Duluth's landmark high-rise buildings has a new owner.  According to multiple news sources, the U.S. Bank Building that sits at 130 West Superior Street was sold to one of it's original, long-term tenants: Hanft Fride Law Firm.  A final purchase price wasn't disclosed, but the building has been recently valued "at over $7.6 million".  The sale closed on June 22.

The building went up for sale last fall, when U.S. Bank decided to put it on the market.  At the time, the bank shared that a sale of the building didn't mean that they were pulling out of the Duluth market; news sources at the time suggested that U.S. Bank would sign a long-term lease to continue their banking operations on the main floor of the ten-story building.

Hanft Fride Law Firm - the new owners - have occupied the top floor of the ten-story U.S. Bank Building since it was built in 1982.  According to Mark Pilon, a Hanft Fride shareholder, "We're attached to our space and the building itself.  When it became available, we wanted to ensure local ownership of what we see as a key property in the heart of downtown Duluth." Hanft Fride assumed ownership of the building under the LLC "130 West Superior Street" - a partnership formed with "local commercial real estate investors". News sources share that the building will "continue to be known as U.S. Bank Place".

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As far as U.S. Bank goes - as stated earlier - they will continue their banking operations on the main floor of the building.  Last fall - when the building first went up for sale - they closed out their Lincoln Park location.