Skip to main content

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

  • Author:
  • Updated:
    Original:

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.

Next Up

Screen Shot 2022-07-03 at 9.31.25 PM

Boy found in Brooklyn Park; appeal to find his parents

The boy was found shortly before 6 p.m. Sunday.

police tape, crime scene

1 dead, 1 arrested after shooting involving teens in Duluth

A 17-year-old was arrested around 1:45 a.m. Sunday. Neither the victim nor the suspect has been identified.

Screen Shot 2022-07-03 at 1.03.19 PM

NASCAR driver joins MN boy in reclaiming 'Let's go Brandon' slogan

Brandon Brundidge gained recognition when his mother shared the story of how he found inspiration in "Let's go Brandon" signs.

Screen Shot 2022-07-03 at 10.20.27 AM

White supremacist propaganda flyers distributed in Cottage Grove

The department said the flyers have been left in driveways throughout the city.

Screen Shot 2022-07-03 at 9.32.09 AM

6-year-old Northfield girl missing, mother dead of apparent suicide

Anyone who had seen the girl or her mother in the past two weeks should call Northfield police.

Pixabay - jet skis resting

Jet skier injured in explosion on Minnesota lake

The explosion happened on Little Lake 14 in St. Louis County.

Krisit Noem

Kristi Noem's response to 10-year-old Ohio girl pregnant after being raped

Abortion is illegal in South Dakota unless the mother's life is in danger.

police lights

Sheriff: Deputy shoots gun-wielding man in western Wisconsin

One deputy fired on the man, striking him in an unknown area of his body.

Screen Shot 2022-07-03 at 7.28.32 AM

Man found dead in 26 inches of water in Le Sueur County

The 45-year-old was found in near the shoreline on Lake Washington.

police lights

Man arrested after abduction attempt in Bemidji

The incident occurred in Cameron Park on June 25.

betty danger's

Betty Danger's in NE Minneapolis for sale for $4.2 million

The asking price includes the restaurant's ferris wheel, as well as a nearby single-family home.

Related

Minnesota's tallest building for sale

The iconic IDS Center in downtown Minneapolis is about to hit the market, the Minneapolis St. Paul Business Journal reports. Inland American Real Estate Trust Inc. has put the 40-year-old 57-story tower for sale without an asking price.