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

Train Days

Historic locomotives to roll into St. Paul for Train Days

The festival at the Union Depot returns June 4-5.

Dalton tornado

Tornadoes, large hail, damaging wind possible in Sunday/Monday storms

The Twin Cities is among the areas that could get hit.

Redtail Ridge Elementary

Sunbather on the roof triggers shelter-in-place at Savage elementary school

The sunbather told police he was trying to "tan and relax."

Nero

The Raptor Center's ambassador, Nero the turkey vulture, dies at 47

Nero helped save the California condors before taking up his post as an education ambassador.

Ben Leber

Ben Leber named new permanent co-host of 'Twin Cities Live'

The former Minnesota Vikings linebacker was introduced Friday afternoon.

MPR

APM Reports, maker of 'In the Dark' podcast, nixed by Minnesota Public Radio

MPR said "select programming elements" of APM Reports will be incorporated into MPR News.

storm, severe

The latest on holiday weekend severe weather chances for MN

The most significant severe threats are Sunday night and again on Monday.

Arianna Vos

Charges: Driver was drunk, high in head-on crash that killed 19-year-old woman

The young woman killed in the crash was a college student studying zoology.

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.