SIOUX FALLS, SD (April 27, 2018) – The office building at 512 North Main Avenue in Sioux Falls sold today for $1.2 Million. The building was owned by Quadriga Group, LLC and is home to the office of ADwërks, an advertising, marketing communications and media strategy agency. The price of $1.2 Million equates to roughly $400 per square foot of office space, believed to be a record for the highest price per square foot paid in Sioux Falls history. “This sale sets a new high water mark for office space.” said Ryan Tysdal, the broker representing the sellers.
Quadriga partner and ADwërks owner Jim Mathis said “We feel like this is the right time to sell the building. The real estate market is hot, the uptown neighborhood is finally taking off and the offer came at a time when Paul Boerboom, my partner in Quadriga Group is getting ready to retire. And frankly, at $1.2 million, it was too good an offer to pass up. Everything aligned to make this the right time to sell.”
ADwërks will be moving its office to 136 South Dakota Avenue. “The new space has a similar industrial loft feel and will be a great fit for our business. We really wanted to stay in downtown, we love downtown Sioux Falls and the new office moves us closer to the heart of the city.” Mathis said.
The building is being purchased by Kelly Properties, LLC, represented by Rory Kelly.
The building was built in 1919 as the Standard Oil Garage and is a contributing building in the Old Courthouse and Warehouse Historic District of downtown Sioux Falls which is on the National Register of Historic Places. The structure, which cost $10,500 to erect, served in its original capacity as a garage and office until Standard Oil moved to a new facility in late 1944. A renovation in 2006 rescued the building from the wrecking ball and it became the design studio for Group II Architects, now TSP. ADwërks moved to the space in August 2008.
ADwërks is a Google Premier Partner advertising, marketing communications and media strategy agency in Sioux Falls, representing clients throughout the United States including CarHop, Carino’s Italian, Wheel City Auto and Delta Dental of South Dakota.
For more information, call 605-357-3690 or visit www.adwerks.com