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IDS Center Sales Price Could Top $200M

MINNEAPOLIS-The long-time owners of the signature Downtown building survived the exit of two key tenants, American Express Financial and Target Corp. Rreef recently sent a letter to tenants notifying them the building will be put up for sale this fall.

By Jim McCartney | Updated on July 16, 2004

MINNEAPOLIS-The IDS Center, the long-time signature building for Downtown and still its tallest building, will be for sale this fall. Rreef, the real estate investment management firm that oversees the 51-floor, 1.4-million-sf office and retail complex, recently notified tenants of the expected sale.

“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.

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