Jamie Rand, real estate investor buys two St. Paul office buildings

A Florida real estate investor has purchased two more buildings in downtown St. Paul, making him the largest private commercial property owner.

The Downtown Revival Trust, created by Florida-based real estate investor Jamie Rand, purchased 375 Jackson Street and 135 5th Street on Thursday. Rand also owns the First National Bank Building and the Great Northern Building.

Rand said the transaction took about 45 days to complete, a little more time than the last two building purchases because there were more parties involved.

“I closed the Great Northern building in less than a week,” Rand said. “And I believe I closed the First National Building in less than a month.”

The two connected, 27,000 square-foot, multi-tenant office buildings were sold by Madison Equities.

375 Jackson was built in 1967 and originally known as the Farm Credit Services Building. The adjacent 135 5th Street was built in 1981 and connected via a glass skyway.

Rand said his trust will work with existing tenants of the building while evaluating building operations, leasing opportunities and capital improvements.

He said his ownership approach is to focus on small steps.

“They’re fixing the outside of the building, making them pleasant to drive by and to walk by, and having a comfortable, safe atmosphere,” he said.

The four buildings were identified as prime potential real estate to be converted from office space into residential properties in a study by the St. Paul Downtown Alliance in 2024.

Rand read the report, but said his current plan is to keep the office space, though that could change.

“I’m looking at that as a plan B,” Rand said. “My first goal is to see if I can turn around and stabilize these assets, get them up to a normal occupancy level.”

He said bringing more people back downtown is important, adding he doesn’t want to tear the buildings down and start fresh. He’d rather see the buildings stay and take the time to renovate from within.

“I always choose to keep the historic value in place because I would like those buildings to be there 100 years from now,” Rand said. “Why tear down a 700,000 square foot building to build another 700,000 square foot building?”

Rand’s investments in four commercial properties are part of a strategy focused on St. Paul’s downtown revitalization. Rand said he’s partnering with St. Paul Mayor Kaohly Her, the St. Paul Chamber of Commerce, the St. Paul Downtown Alliance and other interested parties.

“We’re seeing people and businesses make significant commitments to downtown because they see its tremendous potential,” said Joe Spencer, president of the St. Paul Downtown Alliance. “Jamie Rand’s continued investment is another great sign for where downtown is headed and the momentum we’re seeing.”

Rand said downtown, specifically a few properties formerly owned by Madison Equities, has a few “diamonds in the rough.” He compared it to similar cities, like Nashville, that were struggling 20 years ago.

“It was a little depressed. people weren’t there. There were some blighted areas. There were some boarded up buildings,” Rand said.

Downtown Nashville is now thriving economically, anchored in part by Broadway’s country music bars and live venues.

“You go back to Nashville now,” Rand said. “Every other block has cranes, new constructions going up. My hope is that 10 years from now, you’re walking down in St. Paul and you’re seeing the same thing: cranes in the air and people building new buildings.”

Rand said he has a few more potential downtown purchases in the work, but wasn’t at a point he could disclose which buildings.