U.S.-based real estate developer Madison Equities has acquired St. Paul's Alliance Bank Center for $18.25 million.

The 16-story Alliance building, situated on 55 E. 5th Street, comprises a 560-stall above ground parking garage with a parking bridge that crosses Cedar Street.

The property, with 200,000 square feet of the office space, is leased with its main tenants being Alliance Bank and the Redpath and Co. accounting firm.

St. Paul's Alliance Bank Center consists of 100,000 square feet of retail space with some smaller space available on the skyway level.