IDS tower taken off the market
- Blog Post by: Janet Moore
- December 10, 2012 - 3:12 PM
UPDATE: The owner of the IDS tower has ended its effort to sell the iconic building in downtown Minneapolis. The 57-story tower was on the market for five months.
In a statement Chicago-based Inland American said, "As we come to the end of the marketing process for the IDS Center, we have decided to hold on to this iconic asset," said Jeff Manno, vice president of transactions for Inland American. "This is a great property. There isn't and never was an urgency to sell this property and we continue to believe in its strength in the Minneapolis marketplace. Our company's long-term strategy is to tailor our portfolio to focus on the retail, lodging and student housing segments. However, the IDS Center has served us well the last 6 years and we believe it will continue to do so."
Earlier Monday, a Winnipeg-based real estate investment trust is denying reports that have appeared in the trade press that it is buying the iconic IDS Center in downtown Minneapolis.
In a news release issued Monday, Artis Real Estate Investment Trust said it is "not under contract or letter of intent," for the 57-story tower. The statement is attributed to Armin Martens, Artis' CEO.
The blogosphere lit up last week when a Hoboken, N.J., real estate investment journal reported that Artis was under contract to buy the IDS for $260 million.
Chicago-based HFF Inc. is marketing the building on behalf of the building's owner, Inland American Real Estate Trust Inc.
Janet Moore covers commercial real estate for the Star Tribune.
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