Investor expands control of downtown St. Paul offices
Downtown Revival Trust acquired 375 Jackson Square and 135 Fifth St. E. in downtown St. Paul through a deed-in-lieu of foreclosure that closed Sept. 4, 2026.[1]
Jamie Rand bought the loan on the property — which carried about $15 million in unpaid principal — from an undisclosed bank at a discount before taking ownership.[1] The two-building complex totals about 270,000 square feet, is roughly 40% occupied, has an assessed value of $4.8 million and needs about $1.5 million in combined maintenance and cosmetic work.[1]
Rand's purchase converted the distressed debt into direct control of underused office space in downtown St. Paul, a move that gives the investor both an ownership stake and a near-term leasing and rehab task.[1]
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📌 Key Facts
- Downtown Revival Trust acquired 375 Jackson Square and 135 Fifth St. E. through a deed-in-lieu of foreclosure deal that closed Sept. 4, 2026.
- Jamie Rand bought the property’s loan, which had $15 million in unpaid principal, from an undisclosed bank at a discount before taking ownership.
- The complex totals 270,000 square feet, is about 40% occupied, has an assessed value of $4.8 million, and needs roughly $1.5 million in combined maintenance and cosmetic work.
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