A Florida real estate investor has expanded his downtown St. Paul holdings with the purchase of two connected office buildings. The deal makes Jamie Rand’s Downtown Revival Trust the largest private commercial property owner in the city’s core and adds to a broader effort to stabilize and reinvigorate downtown properties.
Key takeaways
- Jamie Rand acquired 375 Jackson St. and 135 5th St. through the Downtown Revival Trust.
- The connected buildings add roughly 27,000 square feet of multi-tenant office space.
- Rand now owns four major downtown St. Paul commercial properties.
- His immediate goal is to retain and refill the buildings as offices, though residential conversion remains a possible fallback.
The purchase strengthens Rand’s growing presence in St. Paul and signals continued investor interest in properties formerly associated with Madison Equities. Rand said the trust plans to work with current tenants while reviewing operations, leasing and potential capital improvements.
A growing downtown portfolio
The newly acquired buildings at 375 Jackson Street and 135 5th Street are adjacent and connected by a glass skyway. Built in 1967 and 1981, respectively, they were previously owned by Madison Equities, once one of downtown St. Paul’s largest private landlords.
Rand also owns the historic First National Bank Building and the Great Northern Building. With four properties now in his portfolio, he has become the largest private commercial property owner in downtown St. Paul, according to the announcement.
Focus remains on office use
Although a 2024 St. Paul Downtown Alliance study identified all four properties as candidates for conversion from offices to housing, Rand said his first priority is to stabilize the buildings as commercial assets. That includes increasing occupancy, improving their appearance and creating a safe, comfortable environment for tenants and visitors.
Residential conversion could become a secondary option if efforts to restore office demand fall short. Rand said he prefers renovating and preserving existing structures rather than demolishing them and starting over, emphasizing their long-term historic value.
Part of a broader downtown revival
Rand described the acquisitions as part of a strategy focused on downtown St. Paul as a whole rather than on isolated properties. He said he is working with city officials, the St. Paul Chamber of Commerce, the Downtown Alliance and other stakeholders to bring more businesses, workers and activity back to the area.
Joe Spencer, president of the St. Paul Downtown Alliance, called the investment a positive sign for downtown’s future. The alliance has also expanded its role as a property owner through the St. Paul Downtown Development Corporation, which recently took control of two former Madison Equities buildings.
Looking toward future acquisitions
Rand said the transaction took about 45 days to complete because it involved more parties than his earlier purchases. He also indicated that additional downtown acquisitions may be under consideration, though he did not identify the properties.
His longer-term vision is for St. Paul to experience the kind of turnaround seen in other once-struggling downtowns, including Nashville. For now, the investor’s approach centers on incremental improvements, filling existing buildings and preserving the city’s architectural inventory while seeking new sources of downtown activity.