{"id":1004052525,"date":"2012-07-27T09:28:37","date_gmt":"2012-07-27T17:28:37","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=59490"},"modified":"2020-04-07T09:49:00","modified_gmt":"2020-04-07T17:49:00","slug":"ids-center-hits-the-market-landmark-could-fetch-300m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ids-center-hits-the-market-landmark-could-fetch-300m\/","title":{"rendered":"IDS Center Hits the Market; Landmark Could Fetch $300M"},"content":{"rendered":"<p>By Gabriel Circiog, Associate Editor<\/p>\n<p>Inland American Real Estate Trust Inc. is marketing the 2 million-square-foot\u00a0IDS Center in Downtown Minneapolis, a signature feature of the city skyline for four decades. Designed by Philip Johnson, the post-modern landmark encompasses a 57-story office tower with an eight-story annex, a two-story retail center, a <a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/07\/IDS-Center.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-59493\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/07\/IDS-Center.jpg\" alt=\"\" width=\"235\" height=\"300\" \/><\/a>19-story Hilton hotel and the eight-story, 24,000-square-foot Crystal Court.<\/p>\n<p>\u201cThe decision to market this asset for sale is consistent with the execution of our long-term strategy to reposition the portfolio and focus on retail, student housing and lodging investments,\u201d commented Jeff Manno, Inland American\u2019s vice president of acquisitions.<\/p>\n<p>Since acquiring IDS Center in 2006 for $277 million, Inland American has invested more than $20 million in upgrades, the <em>Minneapolis \/ St. Paul Business Journal<\/em> reports. Although Inland American hasn\u2019t disclosed an asking price, the asset is expected to fetch between $290 million and $300 million.<\/p>\n<p>IDS Center\u2019s diverse tenant roster includes\u00a0 law firms, financial firms, Globe University, retailers and restaurants. Law firms occupying the tower include: Briggs &amp; Morgan (123,000 square feet), Lindquist &amp; Vennum (120,000 square feet) and Gray Plant Mooty (110,000 square feet).<\/p>\n<p>To market IDS Center, Inland American has retained a team from HFF that includes senior managing directors Jeff Bramson and Jaime Fink, along with director Mark Katz. \u201cGiven the stability of the Minneapolis market, the property\u2019s high occupancy rate and the historically low interest rate environment, we feel this is the opportune time to be able to drive value on this asset,\u201d Bramson said.<\/p>\n<p>For more market data on Minneapolis, please <a href=\"https:\/\/www.multihousingnews.com\/news\/market-snapshot-minneapolis-maintains-status-as-growth-leader-in-employment-and-occupancy\" target=\"_blank\" rel=\"nofollow\"><strong>click here<\/strong><\/a>.<\/p>\n<p><em>Photo Courtesy of: www.ids-center.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Gabriel Circiog, Associate Editor Inland American Real Estate Trust Inc. is marketing the 2 million-square-foot&nbsp;IDS Center in Downtown Minneapolis, a signature feature of the city skyline for four decades. Designed by Philip Johnson, the post-modern landmark encompasses a 57-story office tower with an eight-story annex, a two-story retail center, a 19-story Hilton hotel and [&#8230;]<\/p>\n","protected":false},"author":1269,"featured_media":1004507366,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[36076,21742],"tags":[],"class_list":["post-1004052525","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-minneapolis-st-paul","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>IDS Center Hits the Market; Landmark Could Fetch $300M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/ids-center-hits-the-market-landmark-could-fetch-300m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IDS Center Hits the Market; Landmark Could Fetch $300M\" \/>\n<meta property=\"og:description\" content=\"By Gabriel Circiog, Associate Editor Inland American Real Estate Trust Inc. is marketing the 2 million-square-foot&nbsp;IDS Center in Downtown Minneapolis, a signature feature of the city skyline for four decades. 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