Artis Real Estate Investment Trust (Artis) will be purchasing Canadian Pacific Plaza, a 26-storey office tower in downtown Minneapolis, Minnesota, for $68.6 million (U.S.).

The Class A, 393,884 square foot building is located in the Twin Cities area and is 98 per cent leased to an array of quality tenants, including Canadian Pacific Railway, which occupies about 23 per cent of the tower on a long-term lease expiring in 2027.

Amenities at Canadian Pacific Plaza, include a 147-stall parkade with valet parking, a conference centre, a full service fitness centre and 24-hour security card access.

The property connects to the Minneapolis Skywalk System and is adjacent to dual Light Rail Train (LRT) stations connecting downtown to both the Minneapolis-Saint Paul International Airport and the Mall of America. The building has a walk score of 97.