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December 18, 2014

IDS Center sale takes major step forward with non-refundable deposit

An iconic landmark on Nicollet Mall in downtown Minneapolis is one step closer to being sold, the Minneapolis St. Paul Business Journal reports.

The Business Journal says the  sale of  the IDS Center to Beacon Investment Properties became more solid Friday when a portion of Florida-based Beacon Investment Properties became non-refundable.

The publication reported Beacon’s off-market deal in February, which is rumored to be in the $255 million range.

Tenants of IDS Center were notified of the most recent step in the sale in a letter Friday from the general manager of IDS Center.

“We want to inform you that Beacon, the real estate investment firm which made an offer to acquire the IDS Center, has completed due diligence and today made a significant non-refundable deposit to certify their offer,” Jim Durda wrote. “If all goes as planned, the closing will occur in May.”

The seller, Inland Real Estate Trust, reportedly put IDS Center up for sale in July. The Business Journal said. Inland purchased the tower in 2006 for $277 million.

IDS Center opened to the public in 1972. At 792 feet, it is the tallest building in Minnesota.