One of downtown Minneapolis' most recognizable office buildings, the 131,000-square-foot property at 15 Fifth St. S., quietly changed hands on Friday, July 17, 2026. Goldman Sachs and local investor R2 Cos. sold the building, rebranded as Studio 15 and best known for its massive Bob Dylan mural, at a time when it was about 65% leased. The sale reportedly came in below what the partnership originally paid for the building in 2014.
Deal details
According to the Minneapolis/St. Paul Business Journal, Goldman Sachs and R2 Cos. sold the 131,000-square-foot property at 15 Fifth St. S. this week, with occupancy sitting at about 65%. The outlet reports that the building, now known as Studio 15, features a Bob Dylan mural that was commissioned in 2015 and that the sale price came in lower than what the partnership paid when it acquired the asset in 2014.
Why it matters
The trade highlights the ongoing squeeze on downtown office values as employers and investors rethink how much space they really need in a post-pandemic market. Buildings that can be repositioned for creative, media or production uses, or that lean on cultural draws like high-profile public art, often have a leg up in attracting tenants right now. That edge, though, still needs fresh capital and solid tenant demand to turn into real value. The buyer has not yet disclosed any plans for Studio 15.
Local profile and next steps
Studio 15 sits on a high-visibility corner in the heart of downtown, and its Dylan mural has become a familiar stop on the city's informal public-art tour. The Minneapolis/St. Paul Business Journal first reported the sale and provides additional background on the transaction. Requests for comment from representatives of Goldman Sachs and R2 Cos. were not immediately returned.
