Florida real estate investor Jamie Rand has expanded his presence in downtown St. Paul, acquiring two connected office buildings through the Downtown Revival Trust. The purchase adds 270,000 square feet to his portfolio and makes him the largest private commercial property owner in the city’s central business district.
Key takeaways
- The Downtown Revival Trust acquired 375 Jackson St. and 135 5th St.
- The connected buildings total approximately 270,000 square feet.
- Rand now owns four major commercial properties in downtown St. Paul.
- His immediate focus is stabilizing the buildings, supporting tenants and improving operations.
- The investor plans to retain office use for now, while leaving residential conversion as a possible future option.
Acquisition expands downtown portfolio
The two properties were most recently owned by Madison Equities. The transaction involved an all-cash purchase of roughly $15 million in outstanding mortgage debt, followed by a consensual deed-in-lieu arrangement that transferred ownership to Rand’s trust.
The acquisition follows Rand’s earlier purchases of the First National Bank Building and the Great Northern Building. Together, the four properties form the core of his strategy to acquire underused or distressed downtown assets and invest in their long-term operation.
Buildings retain office-focused future
Built in 1967, 375 Jackson St. was originally known as the Farm Credit Services Building. Its neighboring property, 135 5th St., was completed in 1981. The buildings are connected by an enclosed glass skyway and serve a mix of public- and private-sector tenants.
Rand said the trust will begin by working with existing occupants, reviewing building operations and identifying improvements that could make the properties more competitive. Planned priorities include addressing tenant needs, improving efficiency and evaluating capital projects.
For now, the buildings are expected to remain offices. A 2024 study by the St. Paul Downtown Alliance identified the properties as potential candidates for conversion to residential use, but Rand described that possibility as a backup plan while he first seeks to increase occupancy and stabilize the assets.
Part of a broader downtown revival effort
Rand has framed the purchases as a long-term commitment to downtown St. Paul rather than isolated property investments. He has said he wants to preserve existing buildings, maintain their architectural character and bring more workers, residents and businesses into the area.
Local business and civic leaders have welcomed the investment. Joe Spencer, president of the St. Paul Downtown Alliance, called Rand’s continued purchases a positive sign for the district’s future. Other supporters say the new ownership places private capital behind properties that need repairs, stronger leasing and renewed activity.
Challenges remain in office market
The purchases come as downtown office markets nationwide continue to face lower occupancy, changing workplace patterns and pressure on property values. Rand’s approach is to make incremental improvements rather than demolish and rebuild, betting that well-maintained buildings can regain tenants as downtown conditions improve.
He has compared St. Paul’s current challenges with other cities that later experienced major revitalization. Rand said additional downtown acquisitions may be under consideration, though he has not identified the properties. His broader goal is to help create a busier, more economically active downtown over the next decade.