Deal on iconic IDS closes for estimated $255M

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.