While it's possible for Minnesota real estate to appreciate 50% in 5 years, it's quite unusual when that rapid appreciation follows an ever more rapid depreciation. In 1997, Saint Paul spent $100 million building Lawson Commons before selling it to Frauenshuh for $54 million in 2000.
While Saint Paul owned the property, its value fell 46% in 3 years. Why Frauenshuh held the property, it appreciated 50% in 5 years. Quite a remarkable turnaround.
Clarification: The sale to Lawson was not complete. Saint Paul retained some interests in the Lawson Building after the sale, but I'm still chasing down exactly what Saint Paul retained.