Florida-based investor Jamie Rand has officially purchased the prominent First National Bank office building in downtown St. Paul for $3.8 million. This acquisition marks a significant move in the city’s real estate landscape, with Rand aiming to revitalize the historic structure.
Key Takeaways
- Jamie Rand, a Florida investor, has acquired the First National Bank building in downtown St. Paul.
- The purchase price was $3.8 million, a substantial decrease from its previous sale.
- Rand plans to address significant deferred maintenance, estimated at $7 million to $8 million.
- He aims to keep the building as a commercial office space but is considering a partial residential conversion.
- Rand is committed to investing in downtown St. Paul’s revival and supporting local small businesses.
A New Era for a St. Paul Landmark
Jamie Rand, an investor increasingly active in downtown St. Paul’s real estate market, has finalized the purchase of the iconic First National Bank building. The deal, valued at $3.8 million, represents a dramatic drop from its last sale price of over $37 million in 2025, reflecting the building’s recent challenges under former owner Madison Equities.
Rand acknowledged the low purchase price, stating that the most significant expenses lie ahead. "There’s probably $7 million or $8 million in deferred maintenance," he noted in a recent interview. This includes essential repairs to chillers, elevators, escalators, and other mechanical systems, as well as relighting the building’s famous "1st" sign.
Strategic Investments and Future Plans
With this acquisition, Rand now owns what he describes as the two largest buildings in downtown St. Paul, having recently purchased the Great Northern Building. He expressed a deep sense of responsibility and honor in taking over the First National Bank building, viewing himself as a steward of its legacy.
The 32-story art deco skyscraper, with parts dating back to 1916, is currently about 34% occupied. Rand’s primary goal is to maintain it as a commercial office structure and has enlisted Transwestern to assist with marketing efforts. However, he is also exploring the possibility of converting several floors to residential units by the end of the year if commercial leasing proves unsuccessful. Such a conversion would be a substantial investment, likely requiring public financing, including state and federal historic tax credits and tax increment financing from the city.
Commitment to Downtown St. Paul
Rand is also establishing an advisory board of St. Paul business leaders to guide future decisions. Furthermore, he plans to allocate $1 million to support small businesses seeking space downtown and provide them with mentorship, extending his work as an angel investor.
Rand recently attended the St. Paul Downtown Alliance’s annual meeting, where he was encouraged by the significant investment occurring in the city’s core, including over $1 billion in new real estate ventures. He highlighted other recent investments, such as the acquisition of the downtown St. Paul Hotel and properties by the Downtown Development Corp.
"I’m proud to be a part of that, and why I named (the ownership trust) the Downtown Revival Trust," Rand stated, emphasizing his commitment to the revitalization of downtown St. Paul.