Buyer Beacon Investment Properties LLC of Hallandale Beach, Fla., has completed its due diligence on Minneapolis’ signature skyscraper, and made a “significant” deposit on the property on Friday, according to James Durda, IDS’s vice president and general manager. The closing will be in May.
Joel Koyama, Star Tribune
The IDS Center’s office tower is about 93 percent leased.
TOM SWEENEY • Star Tribune ,
Florida firm puts down deposit on IDS Center
- Article by: Janet Moore
- Star Tribune
- April 5, 2013 - 8:45 PM
The sale of the IDS Center to a Florida company cleared an important hurdle Friday.
The buyer, Beacon Investment Properties of Hallandale Beach, Fla., has completed its due diligence on Minneapolis’ signature skyscraper, and made a “significant” deposit on the property on Friday, according to James Durda, IDS’ vice president and general manager. The closing will be in May.
The price for the 57-story building is reportedly between $250 million and $255 million.
Beacon Investment Properties is actually the second would-be buyer to step forward in the past year, after IDS owner Inland American Real Estate Trust listed the property in July.
Winnipeg-based Artis Real Estate Investment Trust was reportedly interested in buying the building for $260 million, but a deal was never consummated. Then last month, Beacon’s name surfaced as a possible buyer.
Durda said Friday this is the first property Beacon has bought in the northern part of the United States — the company’s portfolio is largely concentrated in Florida and Texas.
“They really like Minneapolis a lot, our broad-based economy and the fact that we have 19 Fortune 500 companies here,” Durda said. “There’s a good solid opportunity for them to grow here.”
The office tower of the building is about 93 percent leased — major tenants include some of the Twin Cities’ top law firms. And the street and skyway retail portion of the building is fully leased with restaurants Basil’s, Mission, Cosi and Peoples Organic, as well as retailers Hubert White, Gap and Banana Republic, among others.
The postmodern tower, which was the brainchild of architect Philip Johnson, opened in 1972.
It is perhaps best known for the Crystal Court, its public area that was featured in the introduction to “The Mary Tyler Moore Show.” The building originally was named for Investors Diversified Services, which is now called Ameriprise.
Janet Moore • 612-673-7752
© 2014 Star Tribune