St. Thomas began offering classes in 1987 at a remodeled department store in downtown Minneapolis. In fall 1992, the university opened a permanent, $25 million, 150,000-square-foot campus at 1000 LaSalle Ave. The building, named Terrence Murphy Hall in May 2000, is headquarters to the Opus College of Business. Today, St. Thomas has become one of the top colleges in Minneapolis.
Directly across the street from the Terrence Murphy Hall is Opus Hall. The $14.5 million, four-story, 100,000-square-foot building opened in summer 1999 and is home to St. Thomas' School of Education. During summer 2009, the Graduate School of Professional Psychology moved from Terrence Murphy Hall to Opus hall. Connected to Opus Hall is a K-12 magnet school opened in 1999 by a consortium of nine Minneapolis area school districts. The city of Minneapolis owns a 640-car parking ramp under the two buildings.
The University of St. Thomas School of Law began operations in Terrence Murphy Hall in fall 2001; in then moved to the School of Law building located on the block south of Terrence Murphy Hall in 2003.
Artist Mark Balma created one of the largest frescoes in the United States on the arched ceiling of Terrence Murphy Hall's atrium. The seven-panel, 1,904-square-foot fresco was completed in the summer of 1994 and portrays the seven virtues discussed in the writings of St. Thomas Aquinas, the university's patron. The fresco was featured on "CBS Sunday Morning" and was the subject of a nationally broadcast PBS documentary in 1999.