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Inland Grabs Minneapolis Icon for $277M

MINNEAPOLIS-Best known for retail, an Inland entity breaks from form to acquire IDS Center, the 51-story, 1.4-million-sf Downtown landmark.

By Marita Thomas | Updated on September 08, 2006

MINNEAPOLIS-An affiliate of Inland American Real Estate Trust Inc. buys IDS Center, the tallest and best known Downtown building here, for approximately $277 million. Well-known American architect Philip Johnson designed the 51-story, 1.4-million-sf mixed-use building, which was completed in 1972.

Joe Cosenza, vice chairman of the Oak Brook-based Inland Real Estate Group of companies, negotiated this deal himself, and says, “I feel a particular pride in the acquisition of a property with this kind of elevated place in architectural history.” The acquisition is something of a departure for Inland, the various entities of which are mostly associated with retail properties. Eastdil Secured represented the seller, Chicago-based John Buck Co.

The building, located at 80 S. Eighth St., contains 1.2 million sf of office space and more than 166,000 sf of retail. The 24,000-sf Crystal Court indoor park features an eight-story canopy of glass that surrounds a 105-foot, floor-to-ceiling waterfall.

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