MINNEAPOLIS – Transwestern announces it has been selected as the exclusive leasing representative for the First National Bank Building, 332 Minnesota St., Saint Paul, a 662,845-square-foot landmark owned by the Downtown Revival Trust. Transwestern’s Eric Rapp, Mike Honsa, Brett Draxler and Joe Buckingham will lead leasing efforts.
The leasing assignment comes as Downtown Revival Trust reintroduces the First National Bank Building to downtown Saint Paul. The firm recently debuted its plans for the property on August 6, culminating a seven-day countdown projected on the building’s north-facing façade with the relighting of its iconic “1st” sign, one of several historic features slated for restoration.
"We are excited to represent the First National Bank, Saint Paul's most iconic building, as the city and its businesses prioritize the importance of going back to the office," said Rapp. "Downtown Revival Trust's restoration of the First National Bank Building places the property at the forefront of downtown Saint Paul's revitalization, leading the charge toward a renewed commercial landscape. We're committed to being part of this transformative effort and realizing the building's full potential."
The Downtown Revival Trust was founded by Jamie Rand, Senior Managing Director of Prime Asset Fund, which is dedicating itself to preserving downtown Saint Paul’s architectural legacy. With intentions to invest millions into the First National Bank Building, the Downtown Revival Fund also owns and is restoring the Great Northern Building.
"Transwestern possesses practical experience and an impressive understanding of the rich history of downtown Saint Paul real estate. I'm confident that the firm is the ideal partner for my plan to restore the iconic First National Bank Building," said Rand. "The Downtown Revival Trust was created to showcase and preserve the architectural history of downtown Saint Paul, and Eric and his team have the relationships and expertise to support our goals."
The restoration comes amid signs of increasing daytime activity in Saint Paul’s central business district. According to the Saint Paul Downtown Alliance, roughly 20,000 state employees returned to downtown office buildings in June 2025, increasing the daytime population by more than 5%.
The First National Bank Building’s three towers offer floor plates of up to 87,000 square feet with approximately 172,000 square feet of contiguous space available, as well as temperature-controlled, on-site parking. Tenant amenities include a conference center, fitness center, tenant lounge and access to a skyway connecting the First National Bank Building to neighboring properties. Tenants are within walking distance of restaurants, hotels, retail, public transit, as well as cultural attractions that include Rice Park, the Ordway Center for the Performing Arts, Grand Casino Arena and the Science Museum of Minnesota.
Image available for download here.
About the Downtown Revival Trust
The Downtown Revival Trust invests to preserve and revitalize important iconic historic buildings in downtown St. Paul. The goal is to preserve the historic legacy of the Capital City, enhance its physical beauty and sustainably adapt properties for new uses that can enhance the vibrancy of downtown. The trust also invests in commercial businesses in downtown St. Paul that commit to adding jobs, enhancing the city’s tax base, and can enhance the vibrancy and attractiveness of downtown. Learn more at downtownrevivaltrust.com.
About Transwestern
Transwestern is a vertically integrated commercial real estate firm dedicated to serving investors, partners and clients through expertise in investment, development, brokerage and property management. We own, lease and operate $64 billion1in assets. Our experience spans diverse property types, including logistics, multifamily, retail, mixed-use, healthcare, office, data centers, hotel, sports & entertainment and life sciences.Across 35 offices nationwide, our team is united by a culture that cultivates agility, mutual trust and high performance.Learn more at transwestern.com.
1Includes all Transwestern enterprise assets and its RAUM as of April 1, 2026.
Media Contact:
Mason Johnson
(312) 558 - 3897
Mason.Johnson@transwestern.com
twmediarelations@transwestern.com
