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Tuesday, Nov. 4, 2025

Is the high-end cost estimate of the Minnesota State Office Building $730 million?

Nikita Vashisth, MinnPost
yes

Factoring in interest payments at current rates, the cost of Minnesota’s State Office Building renovation in St. Paul is $730 million.

The renovation and 166,000-square-foot expansion is estimated to cost nearly $500 million.

To finance it, Minnesota Management and Budget sold $454 million in certificates of participation — a form of borrowing with higher interest rates — and used $26 million from the state’s General Fund.  

The agency said the total cost could be $729.32 million through 2044 at a 4.39% interest rate, but officials have said it could be less if the loan is refinanced at a lower rate. 

By comparison, President Trump has said the new White House State Ballroom is estimated at $300 million, funded privately. Minnesota’s own State Capitol restoration in 2017 was completed at the cost of $301.5 million, and the Minneapolis Public Service Center, opened in 2021, cost $195 million. 

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