Chicago Developer Faces Lawsuit Over Ameriprise Tower Deal

Missed earnest payments after multiple deadline extensions threaten purchase agreement.

Apr. 6, 2026 at 11:32pm

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A highly reflective, geometric glass sculpture or paperweight resting on a clean, monochromatic background, casting dramatic shadows and symbolizing the abstract corporate strategy and legal risks surrounding a commercial real estate deal.A legal dispute threatens to derail a high-stakes commercial real estate transaction in downtown Minneapolis.Chicago Today

A Chicago-based developer signed a purchase agreement to acquire the 31-story former Ameriprise tower in downtown Minneapolis, but a lawsuit alleges the developer has missed earnest payments after the deadlines were extended multiple times.

Why it matters

The fate of this prominent downtown Minneapolis office tower has significant implications for the city's commercial real estate market, which has seen a shift in demand and occupancy levels in recent years.

The details

According to the lawsuit, the Chicago developer, whose name has not been disclosed, signed a purchase agreement for the tower but has failed to make the required earnest money payments after the closing date was pushed back on several occasions. The tower's current owner, a local real estate investment firm, is now seeking to terminate the deal and retain the property.

  • The purchase agreement was originally signed in late 2025.
  • The closing date has been extended multiple times, with the latest deadline passing without the required earnest money payment.

The players

Chicago-based developer

A real estate development firm based in Chicago that signed a purchase agreement to acquire the former Ameriprise tower in downtown Minneapolis.

Local real estate investment firm

The current owner of the 31-story former Ameriprise tower in downtown Minneapolis, which is now seeking to terminate the sale agreement.

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What they’re saying

“We are disappointed that the developer has failed to meet the terms of the purchase agreement, and we are now exploring all options to protect our interests in this property.”

— Spokesperson, for the local real estate investment firm

What’s next

The local real estate investment firm is expected to file a formal lawsuit to terminate the purchase agreement and regain full control of the former Ameriprise tower.

The takeaway

This case highlights the challenges facing commercial real estate deals in a shifting market, with developers potentially overextending themselves and failing to meet contractual obligations, leading to legal disputes and uncertainty over the future of prominent office properties.