St. Paul’s U.S. Bank Center Heads to Auction With $1 Million Starting Bid

Downtown St. Paul’s skyline could soon see a major shakeup. The U.S. Bank Center, a 26-story tower located at 101 Fifth Street East, will go to auction November 10–12 with a starting bid of just $1 million — far below its estimated market value of $14 million.

A Struggling Landmark

The U.S. Bank Center is currently just 26% occupied. U.S. Bancorp, which once occupied over 100,000 square feet, downsized its space dramatically in recent years. Like many downtown office buildings, the tower has faced the challenges of rising vacancies, remote work trends, and shifting business needs.

Built in 1973 and last renovated in 1995, the property offers more than 380,000 square feet of space, a 348-car parking garage, a fitness center, and a conference center. One of its strongest selling points is location: the building is fully integrated into St. Paul’s skyway system, with more than 35,000 people passing through each day.

Auction Details

The auction will be held on LoopNet’s Ten-X platform, with bidding open November 10–12. The property is currently under receivership but still tied to St. Paul-based Madison Equities, whose portfolio has faced foreclosures and financial difficulties following the death of founder Jim Crockarell.

The starting bid of $1 million highlights the uncertainty in today’s commercial real estate market. Despite its size and location, the building’s future depends on whether a buyer sees potential in keeping it as office space, repurposing it, or converting portions to residential use.

What’s Next for Downtown St. Paul?

This auction comes at a pivotal time for downtown St. Paul. While the area has struggled with high vacancies and empty storefronts, there have been bright spots. A nonprofit recently signed the largest new office lease of the year at Town Square Center, and new residential and entertainment projects continue to attract attention.

For the right investor, the U.S. Bank Center offers both risk and reward. Its size and skyway connections make it a prime candidate for redevelopment, whether that means modernized office floors, new apartments, or a mix of both.

A Skyscraper at a Steep Discount

At nearly $380,000 square feet for $1 million, the starting price equates to less than $3 per square foot. That’s a fraction of typical market pricing for downtown real estate. Of course, the eventual buyer will need deep pockets to invest in renovations, leasing, or conversion efforts.

Still, this auction represents a rare opportunity: the chance to literally reshape a piece of St. Paul’s skyline.

If you’re following Minnesota real estate news, this story is one to watch.