Press
Coverage of the September 2026 acquisition of 375 Jackson St. and 135 5th St. by the Downtown Revival Trust — the Trust’s third and fourth downtown St. Paul buildings.
The Trust’s official announcement of the acquisition.
Read at ACCESS Newswire →Nearly three contiguous blocks of downtown office buildings, debt free.
Read at Pioneer Press →The Business Journal on the Trust’s third and fourth downtown buildings.
Read at Mpls/St. Paul Business Journal →Finance & Commerce on the Trust’s third and fourth downtown buildings.
Read at Finance & Commerce →The announcement as carried by Yahoo Finance.
Read at Yahoo Finance →Florida Investor Jamie Rand Acquires St. Paul’s 375 Jackson St. and 135 5th St.
Acquisition makes Rand the largest private owner of commercial property in downtown St. Paul
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. 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. 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. 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. Jamie Rand’s continued investment is another great sign for where downtown is headed and the momentum we’re seeing.”
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. SOURCE: Downtown Revival Trust.