Downtown St. Paul’s landmark First National Bank Building just changed hands for a relative bargain, with a Florida investor scooping up the neon-topped tower for $3.8 million after years of weak office demand. The deal instantly raises the big questions locals care about: when the aging complex will be fixed up, how fast it can be refilled, and whether that iconic glowing “1st” will finally light up the skyline again.
Jamie Rand, who has been quietly buying up downtown properties through a new Downtown Revival Trust, is the buyer at $3.8 million. He told reporters he plans to look at converting parts of the building into housing, bringing vacant ground-floor and skyway retail back to life, and relighting the “1st” sign, according to the Star Tribune.
How the landmark fell so far
The sale lands in the middle of a broader slump in downtown office values and growing distress among big local landlords. Madison Equities, which paid about $37.25 million for the First National tower in 2015, put its downtown portfolio up for sale in 2024 as vacancies climbed and loan pressures mounted, according to the Business Journal.
Condition and costs
Rand and building managers say the complex is only about 30% occupied and needs at least $7 million in repairs before any major redevelopment can really get moving. The First National complex covers multiple interconnected towers plus a big chunk of mostly empty skyway and storefront space, the buyer said in interviews reported by the Star Tribune.
What comes next
Rand says he plans to assemble a local advisory board and move carefully on any office-to-residential conversion work. Industry watchers note that these kinds of conversions have become a go-to move for struggling downtowns trying to backfill empty towers.
His recent purchase of the Great Northern Building signaled that strategy. That deal was first reported by local outlets, including Patch, and experts say reshaping these big properties will take buy-in from both the public and private sectors, plus plenty of time, per market coverage in Finance & Commerce.
For now, the sale hands a crucial downtown block to an owner who says he wants to reinvest. Turning a cut-rate purchase into a bustling block full of residents and shoppers, though, will likely take years and significant cash. St. Paul residents and officials will be watching closely to see whether this out-of-state buyer delivers a true downtown comeback or just another long wait.
