"We haven't picked an investment broker to market the property yet," says Jim Durda, vice president with Rreef and general manager of the IDS Center. He expects one to be chosen by the end of this month.
Durda sent a letter to tenants saying: "I want to assure you that during this process it will be business as usual for me and my staff, with no disruptions or interruptions to the level of service we bring to your business." Durda says the building is 86% leased, an achievement given the departure of flagship tenants American Express Financial Advisors and Target Corp., who moved to new buildings three to four years ago. The departures left a 600,000-sf hole in the building, which Rreef has been able to backfill, he reports.
The IDS Center is valued at about $111 million, according to Hennepin County property tax records. Some real estate professionals think the property could fetch up to twice that number. Not included in the sale is the adjacent Marquette Hotel, which is owned by the same pension fund, Durda says.
The IDS Center, designed 35 years ago by a team headed by architect Philip Johnson of New York with a distinctive glass-curtain exterior, huge public Crystal Court and parking ramp, was finished in 1972. In the late 1990s, the center underwent an extensive renovation, including a refurbished elevator lobby, Crystal Court and mechanical systems. The center is now undergoing garage repairs and escalator replacement, which should both be completed by Labor Day, Durda says.
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