Inland American Real Estate Trust Inc. after five months has ditched its plan to sell the 57-story IDS Center, the tallest building in Minnesota, Bloomberg reports.
“We have decided to hold on to this iconic asset,” Jeff Manno, Inland’s vice president of transactions, said in an e- mailed statement. “There isn’t and never was an urgency to sell this property and we continue to believe in its strength in the Minneapolis marketplace.”
A deal with Artis Real Estate Investment Trust crumbled, the Business Journal reported.
In July, Manno had said the sale was part of a company plan to “reposition the portfolio and focus on retail, student housing and lodging investments.”
Inland has owned the 40-year-old building since 2006.
Office space rents are rising and so is demand in Minneapolis, Bloomberg says. The vacancy rate fell to 18.2 percent in the third quarter from 19.2 percent a year earlier, Bloomberg reports, citing data from New York research firm Reis Inc.