Florida investor Jamie Rand has acquired 375 Jackson St. and the adjoining 135 Fifth St. E. office building in downtown St. Paul. The cash-backed transaction expands his holdings to four connected properties and gives him ownership of nearly three contiguous blocks of downtown real estate, positioning him as one of the city’s largest private commercial landlords.
Key takeaways
Rand purchased the two buildings through his family’s Downtown Revival Trust in a transaction involving the retirement of approximately $15 million in outstanding mortgage debt.
- The properties include major government tenants, including the St. Paul Department of Safety and Inspections and the U.S. Department of Agriculture.
- Rand now owns four substantial downtown office buildings, all without debt.
- The new owner says he intends to hold the properties as long-term family investments.
- CBRE Real Estate will manage the buildings and oversee improvements.
A major expansion of downtown ownership
The acquisition adds 375 Jackson St. and 135 Fifth St. E. to Rand’s existing downtown portfolio, which includes the First National Bank building on Minnesota Street and the Great Northern building on Fifth Street. Together, the properties form a sizable, largely contiguous concentration of commercial real estate.
Rand said he views the buildings as legacy assets rather than short-term opportunities. His ownership now overlaps with the St. Paul Downtown Development Corporation, which recently acquired the U.S. Bank Center at 101 E. Fifth St. The two ownership groups collectively control much of a key stretch of downtown Fifth Street, creating potential for coordinated investment and redevelopment.
Transaction removes mortgage pressure
Rand said the acquisition included the payoff of an approximately $15 million mortgage tied to the two buildings. He did not disclose the amount paid to retire the debt, citing a confidentiality agreement, but said the mortgage was purchased at a discount.
The transfer was completed through deeds in lieu of foreclosure from the estate of Madison Equities principal James Crockarell, who died in 2024. Rand described the process as consensual and completed on the same day.
Plans for maintenance and tenant retention
The buildings date to different eras: 375 Jackson St. was constructed in 1967, while 135 Fifth St. E. was completed in 1981. They function as a connected complex through an enclosed skyway and a ground-level passage, and share 64 parking spaces in a recessed, heated area between the structures.
Rand said he hopes to retain existing tenants while attracting new occupants. A dental practice and an architecture firm have agreed to remain, while he is also working to keep the government agencies in place. Planned work includes exterior cleaning and repairs to aging interior mechanical systems.
Potential impact on downtown St. Paul
Downtown advocates say the transaction could strengthen an important section of the central business district by placing significant private capital behind properties that have experienced deferred maintenance. Dave Higgins of the St. Paul Downtown Development Corporation said long-term ownership can help stabilize downtown buildings and benefit the broader area.
With Rand emphasizing a multigenerational investment strategy and professional property management coming under CBRE, the purchase could bring renewed attention to tenant retention, building upkeep and future office redevelopment in downtown St. Paul.