Skip to main content

Deal on iconic IDS closes for estimated $255M

  • Author:
  • Updated:
    Original:

The keys to the IDS center changed hands Thursday, the Minneapolis St. Paul Business Journal reports, with Florida-based Beacon Investment Properties taking over the iconic skyscraper.

Inland American Real Estate sold the property for an estimated $255 million, according to the journal. A deal had been in the works for weeks, as the journal reports, with pretty much everything but the handshake done. A previous deal for what's been called “one of the finest skyscrapers built in any American City,” had fallen through late last year. But the journal reported earlier this month that a sale was likely.

A release from the building's management printed by the business journal indicates that Beacon has been in the commercial real estate biz for 10 years, acquiring some 3.4 million square feet of "top tier commercial properties withing the last six months."

The statement, delivered to tenants as well as the media, also gives the IDS, completed in 1972, high praise:

This is the most significant property Beacon has acquired. Like many, they were attracted by the IDS Center’s iconic position, not just in the Twin Cities, but throughout the national property market.

Finance and Commerce reports the figure as $253 million, some 9 percent lower than the IDS sold for in 2006.

Next Up

ConellHarris

Charges: Armed man made death threats at Minneapolis LGBTQ bar

The man allegedly used derogatory terms while threatening to kill someone.

image

FDA pulls last COVID-19 monoclonal antibody treatment as new variants rise

A therapy used to treat more than 11,000 Minnesotans is no longer authorized amid a surge in the latest COVID-19 variants.

Austin Robert LeClaire

Charges: Plymouth man shot girlfriend in head after birthday party

The 23-year-old victim is in critical condition as of Friday.

image

State announces $2.5M in grants for child care providers

Child care providers in roughly a dozen communities will receive funds to help grow the supply of affordable, quality child care.

image

Probe of Golden Valley police uncovers racism, alleged misconduct

One officer was terminated for alleged racist comments and violations of state law.

blowing snow

Blowing snow Friday in Minnesota; will it snow next week?

Winds could gust up to 50 mph Friday afternoon and night.

Deer hunting blaze orange

To combat CWD, late-season deer hunting announced for 9 areas of MN

The special hunts will be held between Dec. 16 and 18.

covid

COVID levels rising in wastewater; BQ.1 now dominant

BQ.1 is the new dominant subvariant in Twin Cities wastewater.

Screen Shot 2022-12-02 at 11.43.05 AM

Keith Ellison, other AGs settle with CarMax over recall disclosures

As part of the settlement, CarMax now must disclosure open recalls online and on the lot.

police lights squad car

Man kidnaps 2-year-old daughter in St. Paul, crashes after pursuit in Minneapolis

The incident involved both police departments in Minneapolis and St. Paul.

police lights

Boys aged 15, 16 arrested after shooting of teen in Woodbury

The victim suffered non-life-threatening gunshot wounds.

Related