Press Releases

Transwestern Brokers Sale of Downtown St. Paul Building

August 30, 2023

ST. PAUL, MINN. – Transwestern Real Estate Services (TRS) announces the sale of the Landmark Towers, a Class A, 200,000-square-foot office building at 345 Saint Peter St. in St. Paul, Minnesota. Transwestern’s Capital Markets and Asset Services team of Mike Salmen and Erik Coglianese assisted the seller in the transaction. The buyer, Sherman Associates, intends to convert the office building into a multifamily property.

“This is a great outcome for all parties involved, as well as for downtown St. Paul. Sherman Associates has a terrific vision for this iconic building that will transform it into one of the premier apartment projects in the Twin Cities. The future of Landmark Towers is bright,” said Managing Principal Mike Salmen.

Sherman Associates' plan to convert the office building to a multifamily asset follows the national trend of office-to-multifamily conversions. Sherman Associates, one of Minnesota's largest multifamily developers, is undertaking similar projects in the metro area.

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About Transwestern Real Estate Services
Transwestern Real Estate Services (TRS) adds value for investors, owners and occupiers of all commercial property types through a comprehensive perspective and by providing solutions grounded in sound market intelligence. Part of the Transwestern companies, the firm applies a consultative approach to Agency Leasing, Asset Services, Tenant Advisory + Workplace Solutions, Capital Markets, and Research & Investment Analytics.

The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. Through an integrated, customized approach that begins with good ideas, the firm drives value for clients across commercial real estate services, development, investment management, and opportunistic endeavors for high-net-worth investors. Operating from 33 U.S. offices, Transwestern extends its platform capabilities globally through strategic alliance partners whose unique geographic, cultural, and business expertise fuels creative solutions. Learn more at and @Transwestern.

Media Contact:
Mallory Martin

Mike Salmen

Managing Principal

Minneapolis, Minnesota

(612) 359-1660

Erik Coglianese

Senior Associate

Minneapolis, Minnesota

(612) 359-1611