A venture affiliated with Inland American Real Estate Trust Inc. recently purchased the IDS Center tower in downtown Minneapolis, Minn.
The value of the transaction was approximately $277 million.
The 51-story, 910-foot-tall, 1.4 million-square-foot IDS Center was designed by renowned American architect Philip Johnson.
IDS Center, opened in 1972 and still one of the tallest buildings in the Midwest, was occupied by 130 tenants at the time of sale. The property features more than 1.2 million square feet of leasable office space and more than 166,000 square feet of retail space.
“The IDS Center is an architectural icon and has been called ‘one of the best mixed-use complexes of our time,’ by The New York Times,” said Joe Cosenza, vice chairman of the The Inland Real Estate Group of Cos. Inc., who negotiated the transaction.